Travel Startup, VST Travels a Kerala based incubated under Kerala State Industrial Development Corporation (KSIDC) startup zone at Angamaly, has received USD $27K (about INR 1.8 crore) in funding from Dubai-based Promatus Group.
The funding comes at a time when the company is trying to expand its operations in the state after tying up with Akshaya Kendras.
The pact was signed between Promatus Group Chairman Joshy Babu and VST Travels CEO Alwyn George.
The funding will help the company to develop and market its application — VehicleST, through which the user can book tickets in all modes of transport, including flights and bus and also hire taxis and autorickshaws, locate ambulances, recovery vehicles, bulldozers and cranes.
The company now plans to open offices in West Asia and US, along with an R&D centre at Cherthala, Kerala. Up until now, the company functioned through making use of the mentoring and incubation support of KSIDC.
According to Moneycontrol the deal was signed by Promatus Group Chairman Joshy Babu and VST Travels CEO Alvin George. KSIDC Managing Director M Beena, Technopark CEO Hrishikesh Nair and Promatus Group VP Shesha Parakash were also present.
The firm has tied up with ‘Kudumbasree Travels.’ Specially configured tablets will be made available in these vehicles. The travellers can track the route with the navigation system that is provided.
Other major startups in the travel industry include Tripoto and Smartairtrip among others.