Ticketing portal busIndia.com is planning to raise over Rs 200 cr from private equity funds, according to a new report
Venu Myneni, the Chairman & CEO of busIndia.com’s parent company Radiant Info told Business Line that several PE funds have shown interest in the company.
He did not disclose details of the deal.
According to the report, busIndia.com is bigger than redBus, which was sold to Naspers for Rs 800 cr. busIndia sells nearly 50,000 tickets daily and is clocking revenues of Rs 100 cr while parent company Radiant Info, with over 1000 employees, has a revenue of Rs 400 cr, said the report.
One doesn’t hear of Radiant Info or busIndia as often as one hears of redBus. However, if you look at sites such as Ksrtc.in, the Karnataka government’s ticketing site, it is powered by Radiant Info. So most of its work is in the back end, rather than consumer facing.