The funds will be used by the travel entertainment start-up to enhance tech adoption, ramp up staff and marketing activities.
New Delhi-based start-up GoldSeat, which offers offline entertainment options via an app to passengers travelling in buses and cabs, plans to raise $3 million funding to expand its operations in the country. The funds will be used for technology adoption, workforce expansion and marketing activities.
“We are on the threshold of redefining the travel entertainment space in India and establishing ourselves as the go-to platform by expanding our pan-India presence. We are extremely excited as we believe the new round of funding will provide stimulus to our growth which we plan to utilise to enhance the technology, workforce and marketing activities of our start-up”, said Gaurav Kapahi, founder and CEO, GoldSeat.
GoldSeat provides entertainment content through a device installed in the vehicle in conjunction with a mobile application. It is primarily aimed at buses, trains and airlines. The mobile app can be downloaded either from Google Play or App store. The app in conjunction with the installed device offers offline entertainment, multi-band network, movies and TV shows streaming, HD videos, and free Wi-Fi to travellers without any fees.
Currently, GoldSeat applications are running across 250 buses which includes buses of Uttar Pradesh State Road Transport Corporation (UPSRTC) and some private bus operators across Lucknow, Ahmedabad, Delhi, Haryana, Himachal Pradesh, Punjab, and Rajasthan. With the new investment, the company is now looking to explore market of South India, airlines and railways.
“On road journeys, only 40% of the route has internet connectivity and 10% or even less has 3G or 4G connection. We aim to enhance the experience of on-the-go offline entertainment through technological advancement, bringing an overall dynamical change in the entertainment and travel industry” said Nishchal Khetarpal, co-founder, GoldSeat.
According to company executives, the offline on-the-go entertainment sector in India is largely unorganised with players providing unlicensed content to the viewers. The market size is estimated to be 660 million passengers with approximately 500 million travelling by buses and is expected to grow at a rate of 15% CAGR.