TripFactory raises undisclosed sum in Series A funding
Aarin Capital Partners led by former Infosys board member T.V. Mohandas Pai and Manipal Group chairman Dr Ranjan Pai participated in the funding
Bengaluru: Online travel marketplace TripFactory Inc. has raised an undisclosed sum in Series A funding from Aarin Capital Partners led by former Infosys Ltd board member T.V. Mohandas Pai and Manipal Group chairman Dr. Ranjan Pai.
The company said the funding was less than $10 million, without disclosing the exact amount. A partner at Aarin Capital will join the company’s board.
TripFactory co-founders Vinay Gupta and Amit Aggarwal had initially invested around $2.5 million of their own money and the company which was set up last year has been self-funded until now. Gupta and Aggarwal had earlier helped co-found Via.com (earlier known as Flightraja.com) and continue to serve on its board.
The funding comes at a time when online travel portals have been aggressively expanding presence and partnering with global firms to capitalise on the tourism sector. The Indian leisure market is worth around $80 billion currently and is set to grow to around $150 million by 2024, Gupta said. TripFactory said it has sold around 4,000 holidays with a gross value of $2 million in its first year of operations and are looking to reach $70-80 million by early next year.
TripFactory earns a share of every holiday booked on its platform and has around 1,000 offline travel businesses registered with it in India.
Offline travel businesses register themselves on the TripFactory platform and can be accessed with customised searches through its global presence. The company said it has invested in natural language processing algorithms and machine learning programmes, allowing consumers to search in plain text.
Gupta said the company is looking to hire around 400 people and set up an office space in Bengaluru at the earliest. It will be looking to hire people across technology, marketing and content. The company is also partnering with domestic airlines like Jet Airways, Go Air, Air Costa and other carriers to cash in on the customised holiday packages platform option.
Gupta said the company will be opening a new office in Manila later this year as part of its global expansion plans.
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