Ticketgoose looks to raise Rs 25 crore from VCs

HYDERABAD: Ticketgoose.com, one of India's leading online bus ticketing players, is looking at raising Rs 25 crore of second round funding from venture capital funds, said its cofounder and chief executive Arun Athiappan.

The company had raised Rs 4 crore from certain US-based angel investors in August by divesting nearly 20% holding when the company was valued at around Rs 20 crore, he said.

The company, which expects to close current fiscal with over Rs 100 crore revenues, may divest around 20% equity for raising fresh round of funds from venture capital funds, said cofounder and chief operating officer Vasudevan Ramaswamy.

Arun said the company is currently in talks with few VCs who had shown interest to invest but the company prefers to looks at those VCs who had funded similar ventures so that they can get better valuations and support.

The bus ticketing firm hopes to improve its sales significantly in the backdrop of increasing preference towards bus travel with rising airfares and improved roads with higher quality private sector buses.

The company, which earns sizeable revenues from selling its ticketing software to private travel agencies, expects the growing availability of affordable smart phones and cheaper mobile Internet penetration, said Arun.

Vasudevan said the company wants to deploy the next round of funds on marketing and developing more mobile bus ticketing applications.