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Sunday, 12 February, 2017, 13 : 00 PM [IST]

TravelTriangle raises Series B funding of $10million

TravelTriangle, a holiday marketplace, has recently raised $10 million in series B funding from RB Investments. The successful funding round saw participation from existing investors SAIF Partners and Silicon Valley venture fund Bessemer Venture Partners. The brand has been able to generate funds for three years straight.

To further accelerate its growth, TravelTriangle plans to hire more employees and extending its operations. The company aims to serve more than a 100 holiday destinations across India and worldwide. Its content attracts around 20 lakh visitors on its website every month and serves travellers from more than 65 countries.

Commenting on the successful round of funding and company’s future growth and hiring plans, Sankalp Agarwal, Co-Founder and CEO, TravelTriangle, said, “We have grown faster than OTAs in the leisure segment and now fast approaching their scale. As we charter the next phase of growth, my aim is to bring together the best in the industry and make TravelTriangle an employer of choice.”

Talking about TravelTriangle, Harshavardhan Bothra from RB Investments Pvt Ltd said, "The opportunity of serving the large do-it-for-me 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 & increasing fragmentation of offline travel agents.”

Raghav Bahl from Bessemer Venture Partners said, “Out of a billion population, there are 65 million passport holders in India who are potential travellers. In 2016, only 18 million were traveling outside the country, indicating outbound leisure holiday market is in its infancy in India. The outbound leisure market is estimated to be about $ 10 bn which conservatively set to double by 2020 and will continue to experience secular growth for sometime to come. We remain excited here”

Sharing his views Mayank Khanduja from Saif Partners said, "Packages & Holidays is a complex tech product compared to 1-click booking solutions. Consumers need handholding during planning for weeks. Vertical solutions have, hence, scaled very well geographies like China on the back of technology. Similarly, Travel triangle has effectively used technology to provide a great experience to customers and higher business to its partners.”

Within a year of inception, TravelTriangle had raised an angel funding of INR 60 lakh from a group of individual investors. It then raised a pre-Series A investment of $1.7 million from SAIF Partners in July 2014 and closed series A financing of $8 million from Bessemer Venture in April 2015.
 
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