Yolobus received $3.3 Million funding by Nexus Venture Partners
Yolobus an intercity transportation startup raised $3.3 million in a Series A round of funding led by Nexus Venture Partners and Indian Quotient has also participated in this round of investment.
Currently, the startup is present in 12 locations with managing around 30 buses. It was founded in 2019 by Shailesh Gupta, Mukul Shah, and Danish Chopra who were inspired by hurdles they faced in the transportation system while travelling from the intercity buses. Now the startup aims at providing a better experience with luxury features and full-stack bus services.
With the fund received, they plan to increase their reach and expand their business to around 200 buses by the end of this year. The investment will also be used for making an investment to improve technology, customer and crew safety and sanitisation as well as expansion plans across geographies for giving a better experience to passengers.
“This funding is a reiteration of our promise to keep improving our services keeping in mind the market need of safety and hygiene, especially,” said Mukul Shah, co-founder and chief operating officer of the company.
“By integrating operations and technology in the system, we are also strategizing to bring on more dynamic routes on board, ensuring a safe and convenient travel experience to our hundreds of thousands of customers,” explained Danish Chopra, another co-founder of the company.
The company operates by partnering with existing bus operators, standardizes their fleet and works with them on a revenue-sharing model. The company has the vision to provide services of flights level which will include bus captains, high-speed Wi-Fi, washrooms, food and beverages, device charging points which will be a different and interesting concept for travellers and a very different experience.
The tough challenge that is existing in the current picture is that the investment has taken place in very challenging times of COVID-19 when there is a very little chance of expansion of business as the travelling is restricted and people are taking it into account under emergency and exceptional situations which are going to be proved out challenging for the company to broaden the base of the business.
To overcome this hurdle, the startup has planned to increase the security and safety level of the customers, the company has come up with sanitization tunnel for each passenger before onboarding, The captain, along with the bus driver and staff will also be wearing personal protective equipment kits.
“Yolobus will resume its operations with extensive precautionary measures for every trip. Every passenger will be checked with infrared temperature measuring guns before onboarding. Customers will be able to pre-order essential PPE kits and know the temperature of the bus crew members before boarding the bus.” said Shailesh Gupta.