[Funding alert] Nexus leads $3.3M Series A round in Yolobus
Gurugram-based intercity bus service startupon Monday announced that it has raised a $3.3 million Series A round of financing led by Nexus Venture Partners. The funding round also saw participation from India Quotient.
Suvir Sujan, Managing Director of Nexus Venture Partners, and Anand Lunia, General Partner, India Quotient, will be joining the Board of Yolobus.
Suvir Sujan of Nexus Venture Partners said,
“Built on the pillars of safety, comfort, and convenience, the Yolobus team is using technology and data science to redefine intercity bus travel experience.”
The funds raised will be used by the startup to double down its investments across technology, customer, crew safety and sanitisation, and territory expansion plans, according to a statement. The investment brings Yolobus’ total funding since launching its smart intercity bus services in India to $4.1 million across its seed and Series A rounds, the statement added.
“As an industry we’re just scratching the surface of how India’s bus services can be when married to our uber offerings of safety, sanitisation, and comfort,” added Yolobus Founder and CEO, Shailesh Gupta. “Having the financial support and business expertise of Nexus Venture Partners and India Quotient will help us execute our vision faster and better.
The company is also introducing a sanitisation tunnel for each passenger before onboarding in order to contain the spread of the coronavirus. The captain, along with the bus driver and staff, will wear PPE kits to do away with the risk of contamination, and ensuring a safe journey for the passengers. The company aims to provide airline-level services such as bus captains, high-speed Wi-Fi, washrooms, food and beverages, device charging points, etc.
Shailesh Gupta further said, “Yolobus will resume its operations with extensive precautionary measures for every trip. Every passenger will be checked with infra-red 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”.
Founded by Shailesh Gupta, Mukul Shah and Danish Chopra in August 2019, Yolobus is an Intercity full-stack bus service that has covered more than 15 lakh kms and 100,000+ customers.