Bangalore-based Pilani Soft Labs, which runs online bus ticket booking portal redBus.in, is looking at raising $20 million through the PE route. The company, started by three BITS Pilani graduates in 2005, could be planning to aggressively scale up its business. It had raised $6.5 million in Series-C funding in May 2011 from Helion Venture Partners, SeedFund and Inventus Capital Partners.
On an annualized basis, the company has a gross merchandise value of Rs.600 crore, on which it makes revenues of Rs.60 crore and is expected to post a net profit of close to Rs.2 crore for FY13.
From the Venture Intelligence PE Deal database: RedBus had raised $0.68 M in Jul-07 from Seedfund, $2.28 M in Jun-09 from Helion, Seedfund and Inventus Capital, $0.74 in May-08 from Seedfund, and $6-M in Mar-11 from Helion, Inventus and Seedfund.
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