Mumbai-based Bus aggregator startup CityFlo has upturned a seed round of $750,000 (closely INR 5 cr.) from
IDG Ventures. The sum will be used to boost technology, develop the team and
for superior penetration in Mumbai.
Cityflo was started in
August this year by Jerin, Subhash Sundaravadivelu, Rushabh Shah, Advaith
Vishwanath, Ankit Agrawal and Sankalp Kelshikar – all alumni of the esteemed
Indian Institute of Technology.
On this round of venture
Jerin Venad, CEO and Co-founder, Cityflo, says,
“Urban
transportation is a
billion-dollar difficult to solve. In just nine weeks since our launch, we’ve
received an awesome response from our clients with a client repeat rate of over
75 per cent.”
“While tier-one towns like
Delhi have a huge population and, therefore, great potential, tier-two cities
like Ahmedabad too hold a lot of talent because they simply don’t have suitable
public transport. We are still gaging the market,” He adds.
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