[Funding alert] Online travel platform HappyEasyGo raises Rs 350 crore in Series B round
Gurugram-based online travel portal HappyEasyGo announced that it has raised its extended Series B round of funding.
Reportedly, the startup has raised around Rs 350 crore from its investment partners, including Korea Investment Partners (KIP), Samsung Venture Investment Corporation (SVIC), UOB Venture, 10 Fund, CVCapital, Zero2IPO Ventures, and M&S Partners.
With the objective of becoming the best online travel platform in India, HappyEasyGo intends to use these funds to further strengthen its air-ticketing business and develop its hotel division. The startup claims that its B2C online air-ticketing sales are currently ranked second in the industry, with a user base of over 10 million.
Boris Zha, Founder and CEO of HappyEasyGo said,
"The completion of this financing is an outstanding milestone for HappyEasyGo, which would help us expand the scale of our operations, increase market share, and upgrade the existing products. By the end of December, we expect our hotel business to be running over 3,000 bookings a day. India is the third-largest air travelling country in the world and we are confident to utilise the fresh funds towards gaining a commanding position in the cluttered online travel market in India."
While the strategy is to maintain the lowest price, to strengthen the ascendancy in high-speed growth of the air ticketing business, HappyEasyGo also plans to accelerate the hotels vertical through its localisation strategy.
It has collaborations with trusted brands like Samsung, VIVO, Transsion, Airtel Payments Bank, Oman Air, OlaMoney, and Mobikwik.
In an attempt to reach a wider user base, HappyEasyGo is also trying to reduce the overall cost of acquisition.
With an engine dedicated to price optimisation, the startup claims to have the capability to find the lowest point of real-time price in the market.
The company has also recently ventured into the hotel booking industry.
(Edited by Saheli Sen Gupta)