Online bus ticketing platform Abhibus, which competes with Goibibo-owned RedBus, crossed ₹700 crore in annual gross merchandise value (GMV) for the financial year ended March 2019 (FY19), and subsequently broke even in the year, according to a top company executive.
“We have close to 5.5 million downloads of the Abhibus mobile app, and we do about a million transaction a month on our platform and have closed in around 35 crore transactions to date. Around 80% of those transactions are on mobile,” said Sudhakar Reddy, chief executive of Abhibus, in an interview.
According to Reddy, Abhibus is growing 40% year-on-year in term of total GMV, and the company plans to achieve ₹1,000 crore GMV by the end of FY20. To meet the target, the company is on track to launch train ticket booking on its platform within the next two months, said Reddy. It also ventured into online hotel bookings through partnerships with hotel aggregators such as OYO and Treebo.
The Economic Times reported last year that the company was in talks to raise around $15 million by divesting around 25% stake in the company. Reddy confirmed the development with Mint and said that Abhibus is in advanced stages of discussion with three new equity investors. Till date, Abhibus has raised more than ₹30 crore in funding from undisclosed high-net-worth individuals (HNIs).
{{/usCountry}}The Economic Times reported last year that the company was in talks to raise around $15 million by divesting around 25% stake in the company. Reddy confirmed the development with Mint and said that Abhibus is in advanced stages of discussion with three new equity investors. Till date, Abhibus has raised more than ₹30 crore in funding from undisclosed high-net-worth individuals (HNIs).
{{/usCountry}}Abhibus, which is owned and operated by Abhibus Services (India) Pvt Ltd, initially launched in 2008 as a business-to-business (B2B) software provider to bus operators to manage their ticket inventory and online bookings. By late 2014, the company started selling bus tickets directly to consumers on its website and mobile app.