This Trav­elTri­an­gle Dis­cov­ers $10 mil­lion

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu@ times­

New Delhi: Trav­elTri­an­gle, an on­line mar­ket­place for dis­cov­er­ing travel agents, has raised $10 mil­lion, or about .₹ 67 crore) in a fresh round of fund­ing led by Sin­ga­pore-based ven­ture cap­i­tal firm RB In­vest­ments.

SAIF Part­ners and Besse­mer Ven­ture Part­ners, ex­ist­ing in­vestors in the Noida-based Hol­i­day Tri­an­gle Travel that owns and op­er­ates Trav­elTri­an­gle, also par­tic­i­pated in the new round, even as risk cap­i­tal con­tin­ues to back play­ers in the coun­try’s on­line travel sec­tor.

Last month, ETre­ported that Chi­nese in­vestor Fo­sun In­ter­na­tional was about to close its first ven­ture in­vest­ment in the coun­try in on­line travel search mar­ket­place Ix­igo.

There were sev­eral deals in the space in 2016 in­clud­ing the sec­tor’s largest merger so far be­tween Nas­daq-listed MakeMyTrip and Ibibo Group which was backed by Ten­cent and Naspers. Ya­traOn­lin­eal­so­madeit­spub­lic­mar­ket de­but through a re­verse merger.

RB In­vest­ments has backed a string of In­dian con­sumer-fo­cused star­tups, in­clud­ing on­line jew­ellery re­tailer Blue­stone, on­line lin­gerie re­tailer Pretty Se­crets, and on­line food de­liv­ery ven­ture Swiggy. “We see Trav­elTri­an­gle mar­ket­place as the key ben­e­fi­ciary of fast grow­ing out­bound hol­i­day mar­ket and in­creas­ing frag­men­ta­tion of off­line travel agents,” an RB In­vest­ments spokesper­son said. “In­creas­ing con­sumer ex­pec­ta­tions and needs make travel agents and re­lated in­dus­try play­ers in­dis­pens­able which re­sults into great op­por­tu­nity for Trav­elTri­an­gle.” Trav­elTri­an­gle has over 650 travel agents on its plat­form, and claims to have monthly visits of about two mil­lion. It recorded gross trans­ac­tions of ₹ 200 crore in May last year. The com­pany plans to use the pro­ceeds from the lat­est fund­ing round to fur­ther build on its of­fer­ings to con­sumers, in­clud­ing, pro­vid­ing price es­ti­ma­tions and mul­ti­ple pay­ment op­tions, and im­prove upon its big data al­go­rithms for travel agents on the plat­form.

Co plans to use funds to fur­ther build on its of­fer­ings to con­sumers

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