Indian corporate travel booking platform raises $13m
Itilite, a platform that helps Indian corporates manage travel-related expenses, has raised $13 million in a Series B round led by Greenoaks Capital and Vy Capital.
Existing investor Matrix Partners India also committed capital. Matrix participated in a INR300 million ($4.2 million) Series A round last year. The GP had also participated in the seed stage round in 2017 alongside a couple of angel investors.
Founded in 2018, Itilite operates an online platform for managing business travel requirements. It aims to offer a smoother booking experience with employees also incentivised to choose lower-cost travel routes in return for rewards. As a result, it says clients have achieved significant cost savings. Itilite claims the platform is used by more than 200 Indian enterprise customers and 150,000 users.
The company plans to use the fresh capital to invest in product innovation and work towards introducing its solution to enterprise customers in overseas markets. Revenue has fallen due to reduced domestic and international travel as a result of the ongoing coronavirus pandemic but Itilite anticipates increased demand for the digitization of corporate travel processes.
“Optimizing travel for cost and experience is a priority for every business on the planet, and the growth Itilite has achieved by delivering this in such a short time is impressive,” said Gourav Bhattacharya, a director at Matrix, in a statement.
There are several other business expense management specialists in India that also offer travel-related rewards solutions for corporates. Happay, Fyle and Zaggle are among the market leaders. In addition, VC investors have backed start-ups like TravelPerk, Rocketrip and TripActions that help corporates with travel booking.
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