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Gurgaon-based Yolobus raises USD 3.3 million in Series A round

Gurgaon-based Yolobus raises USD 3.3 million in Series A round
Gurgaon-based Yolobus raises USD 3.3 million in Series A round

Yolobus, Gurgaon-based premium bus service start-up, has reportedly raised USD 3.3 million in Series A funding round. Led by Nexus Venture Partners, the funding round has also marked the investment from Indian Quotient.

Sources cite that the company will utilize this funding to strengthen its service in the nation and invest in safety features. This brings the company’s total funding raised to USD 4.1 million. Anand Lunia, General Partner of India Quotient, and Suvir Sujan, Managing Director at Nexus Venture Partners, will soon join the board of Yolobus.

According to sources, during a time when people are cautious about COVID-19, the company is looking to introduce safety measures in intercity travel similar to those imposed by airlines. The company also announced plans to introduce disinfectant tunnels for each passenger before onboarding to stop the spread of COVID-19.

Yolobus will also screen travelers for temperature as well as other Covid-19 symptoms before they board a bus. It is also offering personal protection equipment (PPE) kits to curb the risk of infection.

Commenting on which, Yolobus CEO and Founder, Shailesh Gupta said that every alternate seat in the bus is blocked to maintain social distancing measures among passengers.

Mr. Lunia of India Quotient added that the start-up would bring the ease of booking an Ola taxi and the efficiency of Indigo airlines to the bus aggregation business.

For the record, the intercity full-stack bus service company was established by Mukul Shah and Shailesh Gupta in Aug. 2019. Since then, the company has covered over 15 lakh km and has over 100,000 customers. The company has been witnessing considerable growth in the first six months of its operation. This growth has been further accelerated by the company’s recent expansion in the North-eastern region in May 2020.
 

Source Credit – https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/nexus-leads-3-3-m-series-a-in-yolobus/articleshow/76253216.cms

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.