Travel & Expense Management Startup ITILITE Raises $29 Mn From Tiger Global, Others

Bengaluru-based SaaS startup ITILITE raised $29 Mn in the Series C funding round led by Tiger Global and Dharana Capital along with participation from existing investors Matrix Partners India and Tenacity Ventures.

The fresh capital will be used to accelerate ITILITE’s go-to-market journey and deepen its relationships. 

Founded in 2017 by Mayank Kukreja and Anish Khadiya, ITILITE offers travel and expense management solutions to other companies. It claims to offer 8X ROI to its customers including Automation Anywhere, Praj HiPurity, Page Industries, Byjus, Swiggy, and Zetwerk.

ITILITE reported that it has seen 5X growth since its Series B round in 2020. Currently, it has more than 500K users from over 300 companies in India and the US.

On April 13, 2020,  ITILITE raised $13 Mn in a Series B funding round led by Vy Capital and Greenoaks Capital. Existing investor Matrix Partners and Helion Ventures cofounder Ashish Gupta also invested in the round with the participation of VY Capital.

Previously, in January 2019, the SaaS startup raised $4.2 Mn in a Series A funding round led by Matrix Partners and others. Existing investor, Ashish Gupta, founder of Helion VC, also participated in the round. 

In 2017, it received an undisclosed amount of investment in a seed funding round from Matrix Partners and some angel investors. 

According to a Motilal Oswal report, the Indian SaaS ecosystem is expected to grow its share of global SaaS to 4-5%, increasing to a $50-$70 Bn revenue by CY 2030. 

Recently, B2B SaaS startup Draup raised $20 Mn from the US-based private equity firm HKW to accelerate its AI capabilities and expand product portfolio.

In January 2022, Delhi-NCR and Palo Alto-based contact centre software startup SaaS Labs raised $42 Mn in a Series B funding round led by Sequoia Capital India.