Abhibus.com Appoints Kotak Investment Banking for Raising $40mn

Abhibus.com has appointed Kotak Investment Banking for raising $40 million from PE funds. The funds will be used to support the company’s expansion plans and increase their brand presence in India. In the first phase towards fund raising, the company is expecting to raise $10 million and expecting to close the deal in the next three to four months.

Sudhakar Reddy Chirra, founder and CEO, Abhibus.com said, “Bus ticketing is a Rs 25,000-crore industry with the southern India region contributing as much as 60-70 per cent. Of the Rs 25,000-crore, e-ticketing contributes only 15 per cent at the moment. This is expected to increase to 40 per cent in the next two years. “

He further added, “To remain upbeat on the expected growth rate, we have laid the expansion plans and fund raising would support our growth plan. We are happy with our association with Kotak Investment Banking and the response is overwhelming from PE funds but we cannot share details at this stage.”

Hyderabad-based AbhiBus Services (India) offers information technology (IT) solutions and services to the bus travel sector. Founded in 2007, AbhiBus works with fleet owners to provide end-to-end solutions including online passenger reservation systems, e-ticketing system, fleet management solutions, vehicle tracking systems, passenger information systems, and logistics management, backed up by a 24x7 customer support centre.

About AbhiBus:

Founded in the year 2007, recently the company celebrated its sixth anniversary in May 2013. Abhibus is the industry leader in proving end-to-end software and services to fleet owners both Government and Private operators all across India. The software solutions provided by Abhibus include online passenger reservation system, e-ticketing system, fleet management solutions, vehicle tracking systems, passenger information systems, logistics management which are backed up by a 24x7 customer support centre. Abhibus caters its services to 3 State Road Transport corporations which include Andhra Pradesh, Tamil Nadu and Rajasthan and 75 medium to large private operators.