Intercity bus service YOLO raises $800,000 in seed funding, plans to go pan-India in a 12 months’s time
After elevating $800,000 in a seed funding spherical final month, Gurugram-based YOLO Bus based in August 2019 goals to be the primary desire and simple recall for anybody choosing intercity bus companies. The intercity transportation startup not too long ago introduced a fundraise of $600,000. Final week, it revised the fundraise to $800,000 after it acquired seed funding from Rebright Companions together with different energetic angel traders.
Part of the cash raised will go into advertising and marketing to achieve this objective, stated 31-year-old Shailesh Gupta, co-founder. Yolo TravelTech Pvt. Ltd, which operates inter-city transportation and mobility platform YOLO, needs to have a presence within the japanese and western areas of the nation, which Gupta is hopeful might be achieved in a 12 months’s time.
The cash raised might be used to construct know-how and broaden the startup staff from its current measurement of 20 to 50 members.
Co-founded by Gupta, Mukul Shah, and Danish Chopra, YOLO runs on an Uber-like template, the place it doesn’t personal buses, however takes care of the operational facet of the enterprise together with the scheduling of buses, ticketing, customer support, and community planning.
The startup was based from a ‘dangerous expertise’— Gupta reached three hours late for a 9 AM assembly with a professor in Chennai. The bus he was travelling received delayed and the professor couldn’t oblige as he was very busy. “I reached Chennai only to return and was hugely disappointed. That experience triggered the idea to set up a venture to solve this problem,” he stated.
Gupta and Mukul Shah discovered that there was a significant disconnect between what present bus operators ship and what travellers want. Making an attempt to fill this hole, the duo together with Chopra has come out with methods to make public transportation and bus commute snug, safer and handy. The result’s YOLO-a premium mobility platform.
The bus fleets partnering with the startup provide personalised bus captains, welcome kits to all passengers, high-speed Wi-Fi, hygienic washrooms, meals and drinks, USB charging factors, movies, and infotainment. Aside from this, infants and pregnant girls get a particular package. It additionally has an emergency SOS button contained in the bus and particular security measures for girls, knowledgeable Gupta.
With YOLO, an acronym for You Solely Stay As soon as, Gupta and his co-founders present ‘clear buses with rest room services and Wi-Fi’ to passengers moreover punctuality and security being its USP. “We have been able to achieve 90 percent punctuality,” stated Gupta.
Gupta is a serial entrepreneur. He co-founded his first startup whereas in his remaining 12 months of engineering at IIT Kharagpur together with his youthful brother, Nalin-a third 12 months scholar from the identical establishment and two of his associates. They wound up the enterprise as quickly as Gupta graduated, however he stated the co-founders didn’t ‘lose any cash’. One of many causes for closing the enterprise was that there have been too ‘many opponents’ and so they discovered it troublesome to scale. Two extra quick stints as a an entrepreneur and he hit gold with Innov8-his co-working areas startup, that he bought and made ‘some good cash’.
From having exited his first startup resulting from ‘competitors’, Gupta and his co-founders now say that with YOLO, ‘competitors shouldn’t be a consideration’. As a substitute, they’re focussing on buyer expertise.
The intercity bus service has lined greater than 15 lakh km and has finished 1 lakh rides to date.
The way it works
Obtain the YOLO App and make your reserving. It may be booked by way of different platforms–Redbus, Paytm, MakeMyTrip or by way of considered one of their brokers / bodily cubicles. Passengers may e book tickets on the bus if seats can be found.
The companies discover traction through the weekends and on holidays. Since its launch, the startup has seen a 30 % development in revenues week on week. The plan is to attach all of the areas within the nation and make the model ‘most-loved’ amongst folks, stated Gupta. The startup hopes to scale to have the ability to come out with an preliminary public providing finally.
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