Gurugram-headquartered travel marketplace TravelTriangle has raised $12 Mn (INR 78 Cr) in a Series C round of funding led by growth-capital fund Fundamentum. Existing investors – SAIF Partners, Bessemer Venture Partners, RB investments – and a clutch of angel investors also participated in the round.
The deal marks the first investment by Fundamentum. With this, Ashish Kumar, Partner at Fundamentum, will join the TravelTriangle board.
Commenting on the development, Nandan Nilekani, co-founder of Fundamentum said, “We met more than 50 companies before investing in TravelTriangle and we were very impressed with the team. We believe that this team is amongst the very best that we have seen in the Indian technology ecosystem, by virtue of their learnability, customer-centricity, frugality, and hunger to build a very large business.”
“They have the foresight and demonstrated operational experience to win this category. We are very excited about partnering with the team to build this business together,” Nilekani added.
As per the media statement, the funds will be used to invest in building technology, in order to further strengthen the customer interaction layer using artificial intelligence and machine learning, while the data analytics will help build a recommendation engine. The company is also looking to expand to newer destinations and invest in brand building.
TravelTriangle Growth Story: 2.5 Mn Monthly Traffic, 700+ Travel Agents
Founded in 2011 by Sankalp Agarwal, Sanchit Garg and Prabhat Gupta, TravelTriangle is an online travel marketplace that strives to bring the travelers as well as travel agents on a common platform. Through its tech-focussed product, the company is on its way of encompassing all the components of holiday ecosystem.