Goomo Raises $50 Mn From PE Firm Emerging India

SUMMARY

Travel Website Goomo Was Launched In March 2017

Mumbai-based Goomo Holdings has raised $50 Mn funding from PE firm Emerging India. With this move, Emerging India will pick up a majority stake in the company.

Travel website Goomo.com was launched in March 2017. Goomo was formed by the merger of Orbit Corporate and Leisure Tours in November 2015. The startup provides a 360-degree accessibility through a user-friendly website, mobile applications, a multi-lingual call centre, and a network of travel agents. The company currently has over 300 employees across 15 cities in India and Germany.

Varun Gupta, CEO, Goomo said, “Goomo is being built ground up to be an omnichannel platform that will facilitate corporate and consumer travel bookings across online and offline channels.” He further added that the money will be disbursed in tranches.

Emerging India is a Mauritius-based private equity fund. It is a growth-stage investor. The fund invests across multiple asset classes, including long-only equities, fixed income, credit strategies, private equity, and fund of funds.

A fund spokesperson stated, “The travel industry in India offers immense opportunities for growth and consolidation. Over the past 12 months we have built a great team with a strong foundation. We are excited about the growth prospects of the business and expect the team to create a great India-focussed travel distribution business in the next two-three years.”

Last month it was reported that travel portal MakeMyTrip (MMT) is reportedly looking to raise $330 Mn from South African Internet and media conglomerate Naspers and Ctrip, as well as other investors.The investment was proposed to be raised via share sale as per recent SEC filings of the company. In October 2016, MakeMyTrip acquired the Ibibo Group.

Last month, online budget hotel brand and booking platform RedDoorz raised $1 Mn venture debt from InnoVen Capital. Other major players in the travel tech segment apart from Goomo include Cleartrip.com, Yatra, Booking.com, Expedia, etc.

(The development was reported by ET)