Paytm parent One97 Communications invests in bus-ticketing startup Infinity

By Narinder Kapur

  • 04 Dec 2019
Credit: VCCircle

One97 Communications Ltd, which operates digital payments and financial services company Paytm, has invested in bus-ticketing startup Infinity Transoft Solutions Pvt. Ltd, according to reports.

Rajkot-based Infinity Transoft provides software services to bus operators as well as cargo and logistics companies, with a focus on helping them manage ticketing, fleet operations and inventory management.

One97 Communications did not disclose the amount it invested in Infinity Transoft, or the nature of the transaction, according to The Economic Times. VCCircle has reached out to the company on the details of the investment and will update this report accordingly.

Paytm senior vice-president Abhishek Rajan said the partnership with the startup would help strengthen its own payments and ticketing technology services for bus operators, as well as provide a more seamless experience for consumers, according to the report.

Infinity Transoft was founded in 2008 by Bhavesh Gadhethariya. Apart from ticketing solutions, it offers live vehicle-tracking and in-travel entertainment services, providing hardware and software solutions for the latter. Some of the bus operators the company says it has worked are Prasanna Purple, Orange Travels, Patel Tours and Travels, and Neeta Tours and Travel.

According to Paytm, Infinity Transoft holds a 45% market share in the segment.

The investment is the latest bet by One97 Communications as it seeks to bolster Paytm’s portfolio and technological infrastructure. In January this year, for example, it acquired last-minute hotel bookings app Nightstay to expand its travel business.

In August last year, One97 Communications acquired the operator of fintech application Balance Tech in a bid to grow Paytm’s financial services business. Balance Tech was founded in 2016 by two IIT-Kanpur graduates, Ankit Kumar and Abhishek Malik. It invests users’ money in mutual funds that have no lock-in period.

In June that year, One97 Communications acquired Delhi-based mobile technology startup Cube26 Software Pvt. Ltd to improve consumer engagement experience.