YatraGenie invests Rs50 crore to expand in Karnataka1 min read . Updated: 31 Oct 2015, 04:08 PM IST
YatraGenie aims to be present in 100 cities in India by the end of this year
Bengaluru: Bus ticketing and cab booking technology platform YatraGenie Services Pvt Ltd Saturday said the company will invest Rs50 crore to expand its operations in Karnataka.
YatraGenie, which operates in 40 cities in south India, said it is has expanded its services to Hassan, Mangalore, Manipal, Udupi, among others, and will start operations in 17 new districts in the state.
The company, founded by Renil Komtla in 2013, said it plans to hire 500 cab drivers as part of a scheme it recently launched in partnership with automaker Maruti Suzuki Pvt. Ltd. that allows drivers to buy cars at substantially cheaper price
The company will also hire 25 employees to staff a call center it set up in Mangalore.
It aims to be present in 100 cities in India by the end of this year. The company had last month raised an undisclosed amount in early-stage funding from angel investor Ash Bhardwaj to fund its expansion in Karnataka, Telengana and Andhra Pradesh.
While YatrGenie expands in south India, the company faces stiff competition from large domestic taxi-hailing companies such as Ola and US-based Uber that have already established their dominance in India, offering app-based transportation services at inexpensive rates.
Ola claims to be the market leader with roughly 80% share of the market, while Uber says it has roughly 40% share of the taxi-hailing market in India.
YatraGenie’s ticketing platform business competes with South Africa’s Naspers-owned RedBus.