Mumbai-based bus aggregator, CityFlo has raised $750k from IDG Ventures. The raised capital will be used to develop the tech product and getting together a stellar team to scale up aggressively.
The company is also in late stage talks with two other investors for its next round.
Launched in September 2015 by IIT-Bombay graduates – Jerin Venad, Ankit Agrawal, Advaith Vishwanath, Rushabh Shah, Subhash Sundaravadivelu and Sankalp Kelshikar, Cityflo is a bus aggregator startup. It provides a platform for commuters to interface with private bus owners for home to office commute. The startup focuses on routes connecting business hubs to residential areas. Customers can make a booking via its Android app and select their desired route and timing.
Talking about their vision, Cityflo’s Co-Founder Jerin told iamwire that, “We focus purely on bringing to the customers the best experience. Ensuring that our solution benefits all stakeholders in the equation (both demand and supply) is key to winning in the market.”
Cityflo’s app has crossed 8000 downloads so far. Currently the company is doing 2200 customer rides every day. It charges a commission from the bus operator for the services it provides, whose income stream is the ticket revenues.
Commenting on their future plans, Jerin added that, “We are revolutionizing urban mass transport, a pressing issue in all of urban India. The plan is to make comfortable and affordable commute available to every single person in Indian cities.”Category Investments News