TravelTriangle raises venture debt funding from InnoVen
Online travel startup TravelTriangle will use the funding for expansion and strengthening outbound-based operations, says co-founder Sankalp Agarwal
New Delhi: Holiday Triangle Travel Pvt. Ltd, which operates online travel market place TravelTriangle.com, on Wednesday said it has raised $3 million in venture debt from Singapore’s Temasek Holdings-backed debt provider InnoVen Capital.
The Gurugram-based startup counts mid-stage venture capital (VC) fund Fundamentum, SAIF Partners, Bessemer Venture Partners and RB investments among existing investors. Till date, it has raised $32 million across four investment rounds.
This marks InnoVen’s second venture debt investment in TravelTriangle, after it invested $1.25 million in the online travel platform in 2015.
InnoVen sees a big opportunity for follow-on investments in the venture debt market as growing startups seek to diversify their funding requirements, Mint had reported in June.
“The company (TravelTriangle) 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,” Punit Shah, director at InnoVen Capital India, said in a statement.
Founded in 2011 by Sankalp Agarwal, Prabhat Gupta, and Sanchit Garg, TravelTriangle connects users with travel agents online, fetches price quotations, customize holiday trips and helps make bookings.
It claims to have nearly 700 travel agents operating on the platform covering over 65 destinations.
“The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organization, and strengthening our outbound-based operations,” said Agarwal, co-founder and chief executive officer of TravelTriangle.
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