InnoVen Capital, Asia’s leading venture debt and specialty lending firm, recently invested $3 million as venture debt in TravelTriangle, one of India’s leading curated travel platforms. The investment follows InnoVen Capital’s 2015 investment of $1.25 million in the same platform, and underlines the venture debt firm’s vision to put itself at the epicenter of a multibillion dollar growth opportunity in the outbound holiday’s market.
In 2017, 17 Million Indians travelled abroad, about 1.6% of India’s population. 65 million Indians have passports, and have already established a $6.4 billion leisure holidays market as of 2017. Rising income levels, advent of low cost airlines and budget accommodation as well as homestay options along with the perennial outbound dreams of the aspirational Indian have largely contributed to the sector’s growth, making India one of the strongest emerging outbound travel markets. India Leisure holiday market is expected to grow to $28 Bn by year 2025.
InnoVen and TravelTriangle have shared a long and fruitful relationship for the past 4 years. It has offered considerable support to the travel platform in connecting with similar companies in China through its Asia platform and global parentage from Temasek.
Commenting on the potential showcased by TravelTriangle which earned them InnoVen’s renewed trust, Punit Shah, Director, InnoVen Capital India said, “We are excited to be part of Travel Triangle’s journey. The company has showcased growth coupled with healthy and positive unit economics. It has demonstrated a strong ‘say-do' ratio since our first investment in 2015 and is well on its way of encompassing all the components of holiday ecosystem through its highly innovative and technology-focused product.”
Commenting on the latest venture debt raise, Sankalp Agarwal, Co-Founder and CEO, TravelTriangle said, “It gives us great joy to renew our relationship with InnoVen Capital, one of the most sought after venture debt firms distinguished for its keen eye of identifying business potential and long-term market opportunities. The leisure market is growing at an express pace in India, and TravelTriangle’s evolution corresponds to this growth. The portal presently covers 15+ countries and 65+ destinations. We also received a recent Series C funding of $12 million from Nandan Nilekani and Sanjeev Aggarwal backed Fundamentum. The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organization, and strengthening our outbound based operations.”
The current venture debt funding further reinforces InnoVen’s stance as an investor in businesses that are a part of future high-return markets, and have the potential to emerge as the leading players in their sector. TravelTriangle has already raised a cumulative equity of $28 million, and InnoVen Capital’s renewed trust in the platform marks its ability to be one of the most recognized brands in its sector.