India’s Via gets US$5 million investment from VC firm

NEA-IndoUS Ventures, a venture capital firm which provides early and mid-stage funding to new or growing businesses in India, has invested $5 million in Bangalore-based travel services company Via.

As per the information available, the first round of funding in Via (www.viajustgo.com), set up as FlightRaja last year, will be invested in expanding its products and service offerings, besides its presence through a network of agents, kiosks and franchises across the country. Via plans to provide an integrated service connecting air, train and road connectivity seamlessly under one roof.

Vinay Gupta, Chief Executive Officer, Via reportedly said. “As we move forward in expanding ourselves beyond airline services, the new brand will help our customers identify with us better. Today, we provide the widest network of travel agents and ticketing channels such as SMS booking, kiosks, agents, online, etc to our customers in India. We will continue to use our path-breaking technology to understand their needs better and service them efficiently. It is extremely important to bridge the demand supply gap in the travel industry by balancing cost and time.”

Booking about 5,000 domestic air tickets per day through a network of 3,000 travel agents spread across 290 cities in the subcontinent, Via has been able to achieve around $493,000 turnover per day and turn profitable in online space within the first 12 months of commencing operations, according to media reports.