Venture capital-backed Indian bus ticket seller redBus has reportedly attracted private equity interest after deciding to raise more funding.
The business, which is backed by firms including Helion Venture Partners, SeedFund and Inventus Capital Partners, hopes to achieve a valuation of up to INR9bn ($155m) through a stake or full sale according to India Infoline.
It said redBus, which sells tickets online, had a turnover of INR3bn in March 2011.
The business has competition from sites including Ticketvala and Ixigo Bus, as well as bus companies like VRL and SRS which are thought to be looking to set up their own platforms.
Last August venture firm Accel Partners picked up a large minority stake in movie and event ticketing website Big Tree Entertainment in an $18m deal.
The company set up India’s first entertainment ticketing company in 1999 with the backing of Chase Capital Partners.
According to reports Accel paid about $12m to Network18 for a minority stake, followed by another investment in a separate primary share issue believed to be about $6m.
Network18 owned 60 per cent of the company following a share issue and purchase of shares by the firm’s founders.
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