Via.com to raise $100 mn from PE firms by March next year

New Delhi: Bangalore-based online travel services provider Via.com today said it plans to raise upto $100 million (about Rs 500 crore) from private equity players by March next year to finance expansion in South East Asian markets.

Via.com that currently operates in 2,400 cities in India, said it also plans to utilise a part of the fund to strengthen its e-commerce business that offers a host of products and services.

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"We are looking to raise anywhere between $50 million to $100 million from private equity players possibly by March next year. The funds would be used for expanding the travel business outside India and to further build the e- commerce vertical," Via.com CEO and Founder Vinay Gupta told PTI.

He said the company is looking to tap consumers in South East Asian countries such as Singapore, Malaysia, Thailand, Indonesia, Philippines and Vietnam.

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"Moreover, we are also looking to set up offices in Korea and Japan," Gupta said.

Via.com employs about 650 people in the country and registered a turnover of $500 million in the fiscal year ended 31 March, 2011.

The company was founded in 2006, and received $5 million from IndoUS Venture Partners in 2007 and another $10 million from Sequoia Capital in 2009, he said.

When asked about the quantum of equity dilution that the company is looking at to raise additional funds Gupta said, "Equity dilution will be in minority."

The company today announced a new offering that enables its customers to upgrade their railway ticket to a flight ticket at some extra cost.

"It will enable the airline companies to utilise their inventory better and enable people who travel by train to upgrade their lifestyle," Gupta added.

PTI