Trivandrum: VST Travels, a start-up incubated at the startup zone of Kerala State Industrial Development Corporation (KSIDC) at Angamaly, has received a funding of Rs. 1.8 crores from Dubai-based Promatas group.
The funding will help the company to develop and market its application called VehicleST. VST Travels is the first KSIDC supported startup to attract funding to this extent.
Joshy Babu, Chairman of Promatas Group and Alwyn George, CEO of VST Travels signed the MoU in this regard in the presence of Dr M Beena, MD of KSIDC, at a function held in Thiruvananthapuram.
The funding on the basis of global operation partnership will help the company to expand and improve its services. Offices will be opened in West Asia and US. An R &D centre will be opened at Cherthala. So far the unit had functioned making use of the mentoring and incubation support of KSIDC. The company that was started six months ago is one of the first to get funding in such a short span of time.
The funding comes at a time when the company is trying to expand its operation in Kerala after tying up with Akshaya Kendras. They have also tied up with Kudumbasree Travels. Initially, the service will be made available in 25 autos on an experimental basis. Specially configured tablets will be made available in these vehicles. The travellers can track the route with the navigation system that is provided. A fixed percentage of the revenue from the advertisement played in these devices will be given to the vehicle owners.
The application will make it easier for the user to locate all types of vehicles. The user can book tickets in all modes of transport starting from flight tickets to tourist bus tickets with just one mouse click.
On the basis of the quality of service and the review of the user, there is a facility to rate the service providers. Therefore, those who continue to use the application will be able to identify the service providers on the basis of rating.
Kerala Biz News