The company claims to have achieved operating profitability, and on track to become EBITDA profitable by next year
TravelTriangle, an holiday travel marketplace, today announced that it has raised INR 78 crore ($12 million) Series C funding, led by Fundamentum, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal.
Existing investors SAIF Partners, Bessemer Venture Partners, RB investments and a clutch of angel investors also participated.
The funds will be used to invest in building technology that further strengthens the customer interaction layer using artificial intelligence and machine learning, while the data analytics will help build a recommendation engine. The company will also expand to newer destinations and invest in brand building.
This is the first investment by Fundamentum and its Partner Ashish Kumar will join the TravelTriangle board.
Founded in 2011 by Sankalp Agarwal, Sanchit Garg and Prabhat Gupta, TravelTriangle enables users to book travel and tour packages in India. It claims it currently gets a monthly traffic of 2.5 million and has close to 700 active travel agents operating through the platform.
According to experts, the Indian holiday market is a $10 billion opportunity, and is stated to become $30 billion in the next five to six years. This growth is largely driven by independent travellers wanting to travel overseas/domestic as a couple, family or individuals and this is the segment that TravelTriangle has focused on, to rapidly scale and attain market leadership.
Sankalp Agarwal, Co-founder & CEO, TravelTriangle, said, “The vision of the company is to encompass all the components of online holiday eco-system and be the one-stop solution for the traveler. We are continually growing and have been the fastest growing holiday player with the highest NPS (Net Promoter Score). To win the confidence of pedigreed entrepreneur investors like Nandan and Sanjeev is a great validation of our journey thus far. Our success up till now has been the effort of our super motivated and diligent team.”
Having already raised close to a cumulative funding of $20 million from SAIF Partners, Bessemer Venture Partners and RB Investments put together, the company has achieved operating profitability, and on track to become EBITDA profitable by next year.