Itilite Technologies Pvt. Ltd. is Bengaluru – based travel startup. The startup had announced yesterday (09/11/2017) that it has raised an undisclosed amount of funding from the US-based private equity investment firm, Matrix Partners. A clutch of angel investors are also said to have participated in that round of funding. The startup was founded in January 2017 by former McKinsey and Myntra executives Mayank Kukreja and Anish Khadiya. The startup will use the funds to enhance its technology platform and expand its team according to Mayank Kukreja and Anish Khadiya. Read more on Investments
The startup is Software as a Service provider and provides end-to-end corporate travel management solutions. The startup helps employees save money through reward points. The startup is looking to tap into the US $30 billion Indian travel market.
“We are partnering with Matrix to fill the huge gap in the business travel market. Our state-of-the-art technology coupled with behavioural science helps align the incentives of the company and the traveller, who are adopting technology wholeheartedly for a better travel experience”, said Kukreja.
The Indian arm of Matrix Partners has a total of Rs. 4,500 crores corpus for investments in Indian startups. So far it has funded Indian startups like Ola, Quikr, Practo, Dailyhunt, Mswipe, Five Star Finance, Treebo, Limeroad, Razorpay and Belong using a portion of that corpus.
The other Indian travel startups to get funded this year include the travel tech startup ExploreLifeTravelling which secured a seed fund of Rs. 3.22 crores from a clutch of angel investors during June, this year (2017). The travel startup, Goomo Holdings Services India Private Limited secured US $50 million (Rs 321.6 crore) in Series A round of funding from the Mauritius-based private equity firm, Emerging India during June, this year (2017) and finally, the travel tech startup, ScoutMyTrip Pvt. Ltd. had raised an undisclosed amount of seed funding from the early stage accelerator, Z Nation Lab during April, this year (2017). Read more on Startup News