TravelTriangle, an online platform offering customised travel packages to customers, has raised $10 million in its fresh funding round, led by Singapore-based VC firm RB Investments. Existing backers of the travel platform, SAIF Partners and Bessemer Venture Partners, have also participated in this latest funding round.
Commenting on this development, a spokesperson of RB Investments said,
We see TravelTriangle marketplace as the key beneficiary of fast growing outbound holiday market and increasing fragmentation of offline travel agents. Increasing consumer expectations and needs make travel agents and related industry players indispensable which results into great opportunity for TravelTriangle.
With this capital infusion, the company is planning to further build on its offerings for consumers, including, providing price estimations and multiple payment options. It will also be spending money on improving upon its big data algorithms for travel agents on the platform.
TravelTriangle is an online marketplace which lets customers connect with multiple local travel agents, get quotations, customize their trips and make bookings through the site. What sets the company apart is their verified listing of travel agents. All travel agents enrolled with the platform are personally vetted by the TravelTriangle team with never ending assessment.
It has over 650 travel agents on its platform and claims to have monthly visits of about two million. It also claims that to have recorded gross transactions of Rs 200 crore in May last year.
Founded by three IIT graduates, Sankalp Agarwal, Sanchit Garg and Prabhat Gupta, the company competes against the likes of TripHobo, WeAreHolidays, Tripoto, and others. The company, which has raised over $20 million across three rounds, expects to be profitable across its geographies over the next 18 months.
The online travel sector of Indian has seen major developments in recent months. Recently, MakeMyTrip, one of the largest travel portal completed its merger with Naspers-backed Ibibo Group. Also, Yatra made its public debut on NASDAQ via a reverse merger with Terrapin 3. Last year, it was rumored that Chinese investor Fosun International was about to close its first investment in India via funding in online travel search marketplace Ixigo.
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