Itilite Technologies raises funds from Matrix Partners, angel investors
New Delhi: Bengaluru-based travel management start-up Itilite Technologies Pvt. Ltd Wednesday said it has raised a seed round from Matrix Partners and some angel investors. The size of the investment was not disclosed.
Itilite is a software-as-a-service (SaaS) platform for companies to manage employee travel. It has a feature that incentivizes employees to spend below their travel allowance, founder and CEO Mayank Kukreja said.
The company plans to use the funds to expand sales operations. Itilite currently has 15 employees.
Formerly a manager at McKinsey & Co, Kukreja was most recently a director for sales and product management at Myntra. Co-founder Anish Khadiya too has served at McKinsey and Myntra around the same time as Kukreja.
Itilite was launched in January and the product was released in May. Khadiya claimed from the beginning itself, the product has received interest from large firms and start-ups alike.
The company claims to have around 20 clients including software firms, e-commerce companies, logistics operators and a couple of packaged food makers. Clients are billed on the volume of travel they book through Itilite.
“Itilite’s innovative SaaS product takes a lot of the friction out of the process. In addition, it also drives cost saving for clients that creates direct bottom-line impact,” said Gourav Bhattacharya, vice president, Matrix India.
Khadiya said: “To the best of our knowledge, we are the only player doing this (employee rewards for low travel bill) in India. Google started this policy internally 10 years back, and there are two highly funded firms in the US, but none in India.”