[Funding alert] Travel startup ITILITE raises $13M from Greenoaks, Vy, Matrix Partners
Business travel SaaS startup ITILITE announced on April 18, that it has raised $13 million in its Series B investment round. The funding round was led by Greenoaks Capital and Vy Capital. Matrix Partners India and other existing investors also participated in the round. According to a statement issued by the startup, the freshly-raised funds will be used to increase ITILITE's international presence and product innovation.
Gourav Bhattacharya, Director of Matrix India, said:
“Optimising 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. Now, armed with fresh capital, a world-class product, and a highly accomplished team behind it, we are confident that ITILITE is well positioned to emerge as a global leader in business travel and expense management...look forward to the next phase of growth.”
Founded in 2017 by IIT-Delhi and IIM-Ahmedabad alumnus Mayank Kukreja, and IIT-Kharagpur and IIM-Lucknow graduate Anish Khadiya, ITILITE targets corporate travels exclusively. However, the artificial intelligence (AI) powered platform has now emerged as an end-to-end travel management platform, covering a range of services including booking flights, hotels, and buses. The platform is being used by over 200 companies, including multi-sector conglomerates and tech companies in India, the US, and South-East Asia. Some of its clients are Jockey, RPG Group, JSW, Ola, Swiggy, and Capillary Technologies, catering to over 150,000 users.
Mayank, the CEO of ITILITE, said, “Around the world, digital transformation of business travel is well underway, and we are well positioned to help them to modernise their processes using technology. Consistently delivering a great experience to travellers and seamless process efficiency to companies has helped us become the business travel platform of choice."
The COVID-19 pandemic has hit the travel industry the worst. And while ITILITE has seen a temporary dip in the revenue, it has been recording an increased interest from companies across sectors, as they explore ways to better manage their business travels. Since the coronavirus pandemic, ITILITE has also introduced features to enable higher degree of employee safety, as and when travel resumes. These include identifying hotels that follow WHO guidelines and listing them as 'COVID safe' on the platform.
In January 2019, ITILITE had raised Rs 30 crore from Matrix Partners India and others. A cohort of angel investors, including Ashish Gupta, the founder of Helion Venture Fund, had also participated in the round. According to the startup, it has achieved 5x growth since its Series A round, in January 2019.
Anish, Chief Business Officer of ITILITE, said, “Travel fuels growth of any business, and despite being one of their largest expenditures, it is also the most under-optimised function. However, in the last few years, the business outlook on travel has changed significantly. More and more CFOs are reaching out to us (even during this pandemic) to understand how they can infuse technology into their travel processes to optimise it for efficiency, cost reduction while creating better employee experience. We look forward to working with these companies, their forward-thinking leaders, and employees to transform their travel practices and create a win-win for all."
Edited by Kanishk Singh