InnoVen Capital today announced that it has invested $3 million debt capital in curated travel platform TravelTriangle. This is its second investment in the online platform; InnoVen had earlier invested $1.25 million in this company.
Founded in 2011 by Sankalp Agarwal, Prabhat Gupta and Sanchit Garg, TravelTriangle has raised $28 million in equity funding. The platform follows a marketplace model for domestic outbound, and weekend holidays for Indian consumers.
Working as a full stack provider of holidays, TravelTriangle helps enable discovery, engagement and fulfilment of transactions for holidays across travel operators in India and abroad.
In a press statement, Punit Shah, Director of InnoVen Capital India, said, “The company has showcased growth coupled with healthy and positive unit economics. It has demonstrated a strong ‘say-do' ratio since our first investment in 2015, and is well on its way of encompassing all the components of holiday eco- system through its highly innovative and technology-focused product.”
Close to 65 million Indians have passports, and as of last year, almost 17 million Indians travelled abroad. The team believes that rising income levels, budget accommodation options and low cost airlines have contributed to the growth of the travel sector.
Sankalp Agarwal, co-founder and CEO of TravelTriangle, said, “The leisure market is growing at an express pace in India, and TravelTriangle’s evolution corresponds to this growth. The portal presently covers over 15 countries and over 65 destinations. We also received a recent Series C funding of $12 Million from Nandan Nilekani, and Sanjeev Aggarwal backed Fundamentum. The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organisation, and strengthening our outbound based operations.”