TravelTriangle has served over 10 lakh travellers since its inception in October 2011Image: Shutterstock.com (for illustrative purposes only)
Noida-based TravelTriangle, an online marketplace that connects travellers to local travel agents, has raised $10 million (approximately Rs 68 crore) in series B funding led by Singapore-based boutique venture fund RB Investments. Existing investors SAIF Partners and Bessemer Venture Partners also participated in the company's recent fund raise.
With this, TravelTriangle, which has served over 10 lakh travellers since its inception in October 2011, has raised a total of $19.7 million (approximately Rs 133 crore) in venture funding. “We have grown faster than OTAs (online travel agency) in the leisure segment and now fast approaching their scale. With the association with RB Investments in this round we will achieve our vision faster,” says Sankalp Agarwal, co-founder and CEO of TravelTriangle. “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.”
TravelTriangle has a team of 400 people, while its marketplace has a curated list of over 650 travel agents. It attracts around 20 lakh visitors on its website every month and serves travellers from more than 65 countries.
According to data shared by Bessemer Venture Partners, out of India’s billion plus population there are only 65 million passport holders, who are potential travellers. In 2016, only 18 million were traveling outside the country. “The outbound leisure market is estimated to be about $10 billion, which is conservatively set to double by 2020 and will continue to experience secular growth for sometime to come. TravelTriangle's business model is unique as it is able to help customers discover, plan and book customised trips and still scale the business at a rapid pace,” explains Raghav Bahl of Bessemer Venture Partners.
Adds Harshavardhan Bothra of RB Investments Pte Ltd, “We see TravelTriangle’s marketplace as the key beneficiary of the fast growing outbound holiday market and increasing fragmentation of offline travel agents. Increasing consumer expectations and needs make travel agents and related industry players indispensable which results into great opportunity for TravelTriangle.”