Thursday, June 2, 2016

Start-up Fund – Rainmaker Ventures invests USD 1 Mn in Raftaar Technologies’ charter bus service – Limo, a smart bus network

`Limo Charter Bus Service is the world's first crowd-sourced bus network – is convenient, easy on the pocket, reliable and solves most commuting woes including parking in a city that has a severe shortage of open spaces to accommodate vehicles`

Mumbai, 1st June 2016, Rainmaker Ventures – Co-Founded by Industrialist Sudhir Menon and Digital Marketer Atul Hegde, announced that it has invested USD 1 Mn in Limo – a unique charter bus service operated by Raftaar Technologies.

Rainmaker Ventures with presence in India, USA, Brazil and Singapore is an early stage start-up fund of $US50mn that was launched in December last year. Rainmaker Ventures identifies competent tech-startups and not only invests seed-capital, but also, wholly mentors these establishments through the co-founders collective expertise of growing successful businesses in the past. 

Founded in 2015 by Siddharth Sharma, Anshul Khandelwal and Vivek Choksi, Raftaar Technologies Pvt Ltd operates the Limo charter bus service which enables individuals, communities, corporates and governments to deploy a mass transit infrastructure of their choice. Available online and on a mobile application, Limo aims to solve the problem of city-life commuting through flexible mediums and effective costs, in an environment where travelling across the city has become cumbersome.

Research reports point out to the scope of the bus services industry market as being much larger than car-bookings that have become immensely popular in recent times.

Commenting on the investment, Siddharth Sharma, Co-Founder, Raftaar Technologies said, "At Limo we were clear that we wanted to make a bus service that would be as comfortable and convenient as your car at a fraction of the cost. With more than 3 lakh rides served and with more than half the passengers having given up using their cars to reach office, Limo is proving every day that buses, when done right, can be the answer to many commuters woes. Our retention rates prove that a clean, punctual and dependable bus service is valued by employers and commuters alike. We're very excited to have found visionary investors Rainmaker Ventures to back our vision of better and effective mobility for everyone,"

Raftaar Technologies had earlier raised a seed round from India Quotient, Anupam Mittal and others.

Atul Hegde, Co-Founder, Rainmaker Venture added, “At Rainmaker Ventures, we are looking at investing in ideas that would culminate into being sustainable businesses. Mass transit is one of the most crucial aspects of daily city travel. Not only does this segment have tremendous growth potential but it is immensely scalable.  We feel that given the scope of bus-services industry and its need, this is something we want to nurture and take to another level.”

This is the first investment made by Rainmaker Ventures, an early seed-fund that was launched in December last year. The fund is already in the process of investing in compelling businesses that are impactful in nature. Expansion will also be enabled with more senior professionals from varied sectors joining the company as full time mentors.

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