Curated travel platform TravelTriangle has raised around ₹22 crores ($3 million) in debt funding from venture debt and lending firm InnoVen Capital. The startup had previously raised $1.25 million from the venture debt firm in 2015.
The funds raised will be used to meet the pressing expansionary demands for the organisation and strengthening its outbound based operations.
TravelTriangle was founded by three IIT alumni Sankalp Agarwal, Sanchit Garg, and Prabhat Gupta in 2011. The startup follows a marketplace model, connecting the travellers and travel agents through a single platform.
It provides a SaaS-based customer relationship management (CRM) platform to enable travel agents to manage and analyse customer interactions to offer more insights, in order to drive sales and enhance customer experience.
Talking about the investment, Punit Shah, Director, InnoVen Capital India said, “We are excited to be part of Travel Triangle’s journey. 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 ecosystem through its highly innovative and technology-focused product.”
The startup boasts of a wide network of more than 650 expert travel agents, providing trips across more than 65 destinations across the globe.
Earlier in April 2018, TravelTriangle last raised $12 million in series C funding round led by Fundamentum. Other investors that participated in the round include RB Investments, SAIF Partners, and Bessemer Venture Partners, according to Crunchbase.
In the online travel industry, TravelTriangle competes with the likes of MakeMyTrip, Yatra.com, and Cleartrip, among many others.
In 2017, 1.6% of India’s population or around 1.7 crore people went abroad. With 6.5 Indian people having passports, Indian leisure holidays industry is already pegged at $6.4 billion, this market is further expected to grow to $28 billion by 2025.