TravelTriangle, Indian Holiday Marketplace, Raises Series B Funding of $10M
Raised from RB Investments, a Singapore based VC firm, the current round of fund infusion will be utilized for providing better value to customers & ramping up team
TravelTriangle, India’s leading holiday marketplace, has recently raised $10 million in series B funding from RB Investments. One of the most successful innovators in the online travel space, TravelTriangle’s successful funding round saw participation from existing investors SAIF Partners and Silicon Valley venture fund Bessemer Venture Partners.
TravelTriangle has been able to generate funds for three years straight. Within a year of inception, TravelTriangle had raised an angel funding of INR 60 lakh from a group of individual investors. It then raised a pre-Series A investment of $1.7 million from SAIF Partners in July 2014 and closed series A financing of $8 million from Bessemer Venture in April 2015.
Commenting on the successful round of funding and company’s future growth and hiring plans, Sankalp Agarwal Co-Founder and CEO of TravelTriangle, said, “We have grown faster than OTAs in the leisure segment and now fast approaching their scale. With the association with RB Investments in this round we will achieve our vision faster. Our success up till now has been the effort of our super motivated team. As we charter the next phase of growth, my aim is to bring together the best in the industry and make TravelTriangle an employer of choice.”
Talking about TravelTriangle Mr. Harshavardhan Bothra from RB Investments Pte Ltd: said: "The opportunity of serving the large do-it-for-me market in holidays is under appreciated. What sets them apart are their operators; diligent, persistent and insightful. We see TravelTriangle marketplace as the key beneficiary of fast growing outbound holiday market & increasing fragmentation of offline travel agents. Increasing consumers expectations and needs make travel agents and related industry players indispensable which results into great opportunity for TravelTriangle. Upon comparing global companies to determine ideal cost structure and margin profile for market dominance in any country, our conclusion is that TravelTriangle is in a sweet spot.”
Commenting on the market size and opportunity in the industry Mr. Raghav Bahl from Bessemer Venture Partners said: “Out of a billion population, there are 65 million passport holders in India who are potential travellers. In 2016, only 18 million were traveling outside the country, indicating outbound leisure holiday market is in its infancy in India. The outbound leisure market is estimated to be about $ 10 bn which conservatively set to double by 2020 and will continue to experience secular growth for sometime to come. Travel triangle's business model is unique as it is able to help customers discover, plan and book customised trips and still scale the business at a rapid pace. We remain excited here.”
Sharing his views Mr. Mayank Khanduja from Saif Partners said "Packages & Holidays is a complex tech product compared to 1-click booking solutions. Consumers need handholding during planning for weeks. Vertical solutions have, hence, scaled very well geographies like China on the back of technology. Similarly, Travel triangle has effectively used technology to provide a great experience to customers and higher business to its partners. The TT marketplace thus today enjoys strong unit economics and faster growth than competitors, making it a clear leader in the holiday space in India.”
Since its inception, TravelTriangle has believed in making a complete product ecosystem for travelers to plan, book and share their dream vacation and for travel agent to sell, analyze, track & manage all the holidays sold. On the traveler front, its unique options, customizable packages and an auction-oriented concept of best prices from local travel agents empowers an individual traveler. On supplier front, the state-of-art SAAS CRM provides opportunity to access million plus purchasers with Big Data algorithms to guide probability & process of conversions throughout the lifecycle of purchase. The shared travel experiences on the TravelTriangle blog & 95% positive reviews on the marketplace has brought the necessary word-of-mouth publicity to the company and has enabled organic growth. A network of 650+ curated travel partners has also enabled travelers to perfect their dream vacation.
To further accelerate its growth, TravelTriangle plans to hire more employees and extending its operations. The company aims to serve more than a 100 holiday destinations across India and worldwide. Its content attracts around 20 lakh visitors on its website every month and serves travellers from more than 65 countries. From a bootstrapped holiday marketplace to an organization that provides employment to more than 400 people, TravelTriangle’s journey is undoubtedly a treasure trove of experiences and inspiration which it will further grow on with this round of capital infusion.
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