Online travel marketplace for discovering Travel agents, TravelTriangle.com has closed $10 Million of Series B funding led by RB Investments along with existing investors SAIF partners (Singapore-based) and BESSEMER venture partners.
Prior to this deal, the startup rose $1.7 Million of Pre-Series A funding in July 2014 and Series A funding of $8 Million in April 2015 from SAIF partner and BESSEMER venture partners. The total equity funding of TravelTriangle is of $19.9 Million.
TravelTriangle.com is operated by Holiday Travel Triangle Pvt Ltd. Founded in July 2011 by IIT graduates Sankalp Agarwal, Prabhat Gupta and Sanchit Garg. TravelTriangle enables travel enthusiasts to reserve a personalized holiday plan with a local travel agent. The company has created a marketplace where travelers can interact with local travel agents, which make the customers holiday less stressful. TravelTriangle also provides software solutions for travel agents to sell, analyze, track and manage the holidays.
Mr.Agarwal, CEO of TravelTriangle said: “We are growing faster than online travel agents (OTAs), these OTAs have led consolidation in India’s online travel industry over the past 12 months. Two years ago (2014) only 13 million people in India traveled (to international destinations) which grew to 17-18 million in 2016. This is a vast jump, with 65 million passport holders in India, this trend will continue to reach about 50 million (outbound travelers) by 2021.”
TravelTriangle operates from offices in Noida, Gurugram (Gurgaon), Mumbai and in the US. The startup currently has 400 employees working on the website; a network of over 650 travel agents, which it expects to increase to over 1,500 agents by next couple of years. TravelTriangle will invest the funds in technology and product development, as it aims to turn a profit in the next 18 months.
Talking about TravelTriangle Harshavardhan Bothra from RB Investments said: “The opportunity of serving the large market in holidays is under appreciated. What sets them apart are their operators; diligent, persistent and insightful. We see TravelTriangle marketplace as the key beneficiary of fast-growing outbound holiday market and increasing fragmentation of offline travel agents.”
RB Investments has backed a string of Indian consumer-focused startups, including online jewelry retailer Bluestone, online lingerie retailer Pretty Secrets, and online food delivery venture Swiggy.
Recently, Goibibo.com and MakeMyTrip have merged together to become India’s largest TravelTech venture worth $1.8 Billion. Read MakeMyTrip and Goibibo Merge to be India’s Biggest TravelTech Venture