The Delhi-based firm said it will use the fund to deepen its business operations.
Delhi-based online travel marketplace TripShelf has raised Rs 1.6 crore in a pre-Series A round of funding, a company statement said. The total amount raised by the startup so far stands at Rs 3.2 crore.
The investors who participated in the round include GEMS Advisory (a micro VC), Alok Mittal of Indifi, Sachin Bhatia, Co-Founder of MakeMyTrip, Anita Gupta, Global Equity Strategist at Singapore Angel Network, and Alka Puri, an IIM-Calcutta alumna and founder of Roads Ahead Consulting, and a few other high net-worth individuals, the statement added.
The company said it will use the fund to deepen its business operations. The company claims to have achieved an annual Gross Transaction Value (GTV) of Rs 36 crore, and an annual revenue run rate of Rs 1.5 crore. Using this new funding, the startup aims to touch a revenue run rate of Rs 3 crore annually, and a GTV of around Rs 50 crore.
Dhruv Raj Gupta, Co-founder, Tripshelf said, “This is the second time we have raised funds in pre-Series A round. It is a testimony to the immense faith several investors have shown in our startup. The earlier funds we raised in 2016 were being used to establish unit economics’ profitability, and to set up the talent pool. This time, with the fresh capital, we look forward to on-boarding more tour operators in our platform, improve overall consumer experience, and also increase the products listed on the site, thereby helping our consumers with a comprehensive search experience.”
Sukhmani Singh, Co-founder, Tripshelf added, “As an aggregation-based startup, we need to keep on driving value on both buyer and seller sides. Our current financing model allows us to test our hypothesis without the pressure of unmanaged growth, which many hyper-consumer startups have fallen prey to. By working with us, our tour operators have recently seen an increase in conversion rates, adopted technologies that enable better team management, and created a strong online brand.”