Travel start-up iTraveller raises $1 million in series A funding1 min read . Updated: 17 Feb 2015, 02:17 AM IST
With this fund raise, the firm plans to achieve scale, from the current 20 room nights a day to over 100 room nights, within 12 months
Mumbai: iTraveller.com, Bengaluru-based a travel marketplace start-up, has raised series A funding of $1 million through ah! Ventures’ investment network, CLUB ah!, the firm said on Monday.
CLUB ah!, is a network of over 400 investors, including angel investors and early stage venture capital investors. Till date, CLUB ah! has invested close to ₹ 14 crore across 10 start-ups including iTraveller.
“With this fund raise, our singular focus is to achieve scale, from the current 20 room nights a day to over 100 room nights, within 12 months," said Shiju Radhakrishnan, founder and chief executive of iTraveller, adding the start-up is targeting to achieve one billion dollar transactions in five years from now.
Founded in early 2012, iTraveller has created a proprietary technology platform, which functions as a marketplace for holidays. Through the iTraveller marketplace, travellers can discover, plan and book their trips. They can completely customize and buy their trips online.
There are over 200,000 trips created by users on iTraveller, featuring over 20 travel destinations across the globe and over 60 native wholesale suppliers from across these destinations, the firm said.
“They have experimented with different business models and have now established a revenue generating and easily scalable business. iTraveller has been getting good traction both from customers and other strategic partners," said Abhijeet Kumar, founding partner, ah! Ventures.
The travel segment has been seeing good traction from VC and private equity (PE) funds. In 2014, VC and PE funds invested $115.69 million across 13 deals in the travel segment, much higher than the $8.2 million across nine transactions in 2013, show data from VCCEdge, the financial research platform of VCCircle.com. Over the last five years, the travel segment has raised $588.09 million from VC and PE funds, data shows.