Paytm invests in bus ticketing software provider Infinity
While Infinity Transoft Solutions did not disclose the investment details, sources close to the development said that Paytm has pumped in over Rs 10 crore in the startup.
One97 Communications Ltd, which owns Paytm, on Tuesday said it has made a strategic investment in Rajkot-based bus ticketing solutions provider Infinity Transoft Solutions.
While the company did not disclose investment details, sources close to the development said Paytm has pumped in upwards of Rs 10 crore.
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Paytm entered the online bus ticketing space in 2015 and currently offers bus tickets across more than 62,000 routes through its integrations with more than 2,000 private bus operators.
It also offers online ticketing for state-run road transport corporations in Andhra Pradesh, Telangana, Gujarat, Uttar Pradesh, Maharashtra, and others.
"We are excited to announce our strategic association with Infinity. This partnership will help us bolster our payments and ticketing technology solutions for bus operators and enable us to provide a more seamless booking and post booking experience to our growing base of online bus ticketing customers," Paytm Senior Vice President Abhishek Rajan said in a statement.
Founded in 2008 by Bhavesh Gadhethariya, Infinity provides fleet operations and inventory management software and technology solutions to bus operators, and cargo and logistics companies.
It also offers live vehicle tracking through GPS, travel booking platform for offline agents and in-bus entertainment system through its proprietary 'MagicBox' hardware and software solution.
"With this investment, we will be able to rapidly develop travel-focussed tech products and expand our footprint pan-India. We aim to make bus operator profitable by using artificial intelligence, which will result into better operational efficiency and better facility will be provided to passengers," Infinity co-founder and Director Rajiv Dhamsania said.
Earlier in September, digital payments major Paytm announced that it would invest Rs 250 crore in its travel business over the next six months.
The company said in a release that the investment would be used towards scaling up the product and technology team, setting up new business verticals, and growing the market share in existing travel verticals.
(Disclaimer: Additional background information has been added to this PTI copy for context)
