Raftaar Technologies,which runs bus integration platform Limo (formerly known as rBus), has raised $1 million in funding from recently set up VC fund Rainmaker Ventures. The company will use the funds to strengthen its operations in Mumbai.
Limo offers luxury AC bus rides to office commuters in Mumbai. Users can just input their living address and work address on Limo’s website or mobile app and discover buses running between these routes.
They can book rides on Limo based upon their daily, weekly, or monthly needs. Through its extensive coverage, Limo also provides flexibility of timings to fit the needs of users.
Formerly knows as rBus, Limo was founded in 2015 to meet the demands of urban transportation with its luxury AC buses along with services like wi-fi, app-enabled payments, flexible timings and live tracking of buses.
It had raised seed funding from India Quotient, People Group founder Anupam Mittal and others last year in April. Within Mumbai, it competes with another bus aggregator Cityflo which had raised close to $750K from IDG Ventures in 2015 for mapping bus routes in Mumbai and expansion to other cities.
On the other hand, this marks the first investment for Rainmaker ventures which was set up in December last year by Sudhir Menon, Chairman and MD at Dorf Ketal Chemicals India Pvt. Ltd, and Atul Hegde, CEO of To The New Ventures, a leading digital marketing firm.
The fund, worth $50 million, is focussed on investing in early stage companies in India, the US, Brazil and Singapore. It plans to invest in six companies this year in the region of $500,000 and $3 million per investment.
Talking about their plans for investment, Cofounder Atul Hegde said,
We are also looking at investments in logistics, financial technology and digital marketing. The quantum will be between $500,000 and $3 million. We would go in for additional capital when required.
In addition to lending financial support to early stage ventures, the company also aims to provide mentorship and advice to help them develop a strong business on the ground level.