New Delhi: Travel startup Railofy on Wednesday raised Rs 4 crore from venture capitalist firms Roots Ventures, Astarc Ventures, Better Capitals, etc. This was a seed funding round.
Former revenue head of GoAir Anand Srinivasan and former joint general manager of IRCTC portal Sunil Kumar have joined the company as mentors.
“The fresh funding will help us scale our business and onboard new trains as they start operating. The funding will be used to cater to passenger demand in the upcoming festive rush and strengthen the presence pan-India to enable protection cover for all train classes across over 2,000 passenger trains by 2021,” Railofy co-founder Rohan Dedhia said in a statement.
Earlier, Railofy had raised Rs 7 crore from Chiratae Ventures for a seed funding round.
Railofy gives train passengers an option to reserve a flight or bus ticket at a fixed rate on the day they book their train ticket.
“If the train ticket of the passengers is on the waiting list, he can reserve an AC bus or flight ticket at our platform. If the ticket is not confirmed, the passenger can travel on the bus or flight by paying the price at which he had locked the ticket earlier. This saves passengers from the last-minute surge in the ticket price,” Dedhia said.
The company provides service to up to 80 percent of the waitlisted ticket issued for a particular train, he said.