Mumbai-based Bus aggregator startup CityFlo has raised a seed round of $750,000 (approximately INR 5 cr.) from IDG Ventures.CityFlo is an IIT alumni urban transportation startup focused on solving the daily commute problem using technology and data. Aspiring to provide “an all new way to travel to work” – they offer point to point bus service for your daily commute to office, hence, addressing a problem that affects millions of people twice a day, everyday. Doing this requires them to solve challenges that span many platforms and technologies. 4 college students raise a seed funding of $262k for their startup in the 8th semester!
CityFlo currently has over 85 buses plying 14 routes in the city. Tickets on Cityflo cost about INR 3 per km, with an average ticket size of INR 60 per commute booked. The platform sees an average of about 2,200 seats booked on a daily basis. The Cityflo’s app has crossed 8000 downloads so far. Currently the company is doing 2200 customer rides every day.
How it works:
– Ankit Agrawal: An IIT, Bombay alumni + Previous experience with Google, University of Trento and Nanyang Technological University.
– Sankalp Kelshikar: An IIT, Bombay alumni + Previous experience with Goldman Sachs, A.T. Kearney, and Dalberg Global Development Advisors.
– Advaith Vishwanath: An IIT, Bombay alumni + Previous experience with ITC and Sony.
– Subhash Sundaravadivelu: An IIT, Patna alumni + Previous experience with Trident Group, Bajaj Auto and Fractal Analytics.
– Jerin Venad: An IIT, Bombay alumni + Previous experience with Ernst & Young.
– Rushabh Shah: An IIT, Bombay alumni (Silver Medalist) + Previous experience with Boston Consulting Group.
For IDG Ventures, this is their second investment in a travel startup, the first one being the Bangalore based Tripoto. They have previous invested in Zimmber, iCrushiFlush, Cloudcherry, and Agrostar. 5 Indian Startups that raised funding this year!
“We believe the company is solving a large problem, which can disrupt the office commute transportation system in the country. Though early days, the execution so far has been excellent and we are very happy to partner with them in this journey,” said Venkatesh Peddi, executive director at IDG Ventures.
“Urban transportation is a billion dollar problem to solve. In just nine weeks since our launch, we’ve received an overwhelming response from our customers with a customer repeat rate of over 75 per cent. The funds raised will be directed towards achieving greater penetration in Mumbai, after which we will look to expand to newer cities in the next 3 months,” said Jerin Venad, co-founder & CEO, CityFlo.
The startup will use the amount to enhance technology, expand the team and for greater penetration in Mumbai.6 Indian Startups that are valued over $1 Billion.
A Bangalore start-up that has a client list of Google, Facebook, Microsoft, Amazon and more.
“We are a tech first company. Different cities need specialised mass commute systems – our tech team is creating a technology backend which will support a seamless scaling of operations,” said Ankit Agrawal, CTO & Co-founder, CityFlo.