TravelTriangle, a marketplace for finding and booking travel and holidays, said it had raised ₹78 crore ($12 million) in a series C funding round led by growth capital fund Fundamentum.
This is the first investment by Fundamentum, which was founded by tech billionaire Nandan Nilekani and venture capital investor Sanjeev Aggarwal. Existing investors — SAIF Partners, Bessemer Venture Partners and RB investments — also participated. “We met more than 50 companies before investing in TravelTriangle and we were very impressed by the team,” said Mr. Nilekani, in a statement. “They have the foresight and demonstrated operational experience to win this category.”
Founded in 2011 by Sankalp Agarwal, Sanchit Garg and Prabhat Gupta, TravelTriangle said that it was helping organise the fragmented travel agent industry, as far as holiday travel was concerned.
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Technology building
The firm said the funds would be used to invest in building technology that strengthened the customer interaction layer using artificial intelligence and machine learning. The company would also expand to newer destinations and invest in brand building.
The Indian holiday market is a $10 billion opportunity, and is poised to become $30 billion in the next six years, the firm added.
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This growth is largely driven by independent travellers wanting to travel overseas and domestic locations as a couple, family or individuals and “this is the segment that TravelTriangle has focused on.”
With an initial corpus of $100 million extendable to $200 million, Fundamentum said it will invest in consumer technology businesses. These also include ventures that are solving unique Indian problems.