Gurgaon-based intercity mobility startup Yolobus recently announced that it has raised $3.3mn in Series A funding round. The fundraiser was led by Nexus Venture Partners along with participation from early-stage VC firm India Quotient.
As part of the recent investment, Suvir Sujan, Managing Director of Nexus Venture Partners and Anand Lunia, General Partner, India Quotient will join the board of Yolobus.
The company plans to use these funds to double down on investment across technology, customer, crew safety and sanitisation.
“As an industry we’re just scratching the surface of how India’s bus services can be when married to our uber offerings of safety, sanitisation and comfort,” said Shailesh Gupta, CEO at Yolobus.
The intercity full-stack bus service was founded by Shailesh Gupta and Mukul Shah in August 2019 and since then has raised $4.1mn in funding from investors. The company had received its seed funding of $600,000 early this year.
The Series A financing builds on a good first year for Yolobus which saw a rapidly growing market momentum in the first six months, the company said in a statement. This was further accelerated by a recent expansion of its full-stack bus services in the North-eastern region in May 2020.
The company has so far raised $4.1 million in funding from a mix of HNIs and VC funds. Early this year, it raised $600,000 in its seed round of funding.
“Intercity ground mobility in India hasn’t kept up with the needs of the discerning urban traveller and is ripe for disruption. Yolobus is using technology and data science to redefine intercity bus travel experience” said Sujan.
Yolobus aims to make the bus travelling experience safe for customers once it resumes full operations post the lockdown. Every passenger will be checked with infra-red temperature measuring guns before on boarding. Customers will be able to pre-order essential PPE kits and know the temperature of the bus crew members before boarding the bus, added Gupta.
The company will also introduce a sanitization tunnel for each passenger before onboarding to contain the spread of the covid-19 pandemic. The captain, along with the bus driver and staff will wear PPE kits to do away with the risk of contamination, ensuring a safe journey for the passengers. The company aims to provide airline-level services such as bus captains, high-speed Wi-Fi, washrooms, food and beverages, device charging points, etc.
“Intercity ground mobility in India hasn’t kept up with the needs of the discerning urban traveller and is ripe for disruption. Built on the pillars of Safety, Comfort and Convenience, the Yolobus team is using technology and data science to redefine intercity bus travel experience. I am excited to partner with them in their journey,” said Sujan.
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