Bengaluru-based travel management startup ITILITE has raised ₹30 crores in series A round from existing investor Matrix Partners India. Other angel investors like Ashish Gupta, founder of Helion Venture Fund, also participated in this round.
The startup intends to use the freshly raised capital to hire engineers and develop new capabilities. Furthermore, the startup will accelerate its sales and marketing tactics to generate more revenue in the upcoming months.
Founded in 2017 by Mayank Kukreja and Anish Khadiya, the company operates a SaaS platform which helps companies cut their travel expenses. The model incentivises employees for saving on their travel expenses. The AI-powered mechanism helps control cost by predicting the expense for every trip. While targeting corporate travels exclusively, their SaaS-enabled platform has emerged as an end-to-end travel management platform, covering a range of bookings for flights, hotels, buses and other services.
Mayank Kukreja said in a release, “We have designed a smart system which helps businesses save time and money. Our 90-second booking process, 30 per cent cost savings and travel rewards are unparalleled. With this funding round, we are committed to bring our platform to more companies and transform this industry.”
Earlier in November 2017, the company raised an undisclosed amount of funds from Matrix Partners India in its seed round of funding. The company clientele base mainly counts software firms, e-commerce companies, logistics operators and packaged food makers. Clients are billed on the volume of travel they book through the platform.
“Through its intelligent platform, ITILITE learns employee preferences and surfaces personalised recommendations. This is like having a smart travel assistant capable of instant response,” added Anish. “Our platform addresses unique use cases for a range of our customers, which include large enterprises with thousands of employees to high-growth startups.”
The development comes soon after Matrix Partners closing of third fund worth ₹2,100 crores. The VC firm had clearly mentioned that it would prefer consumer-focused startups that can generate their own money via the sale of products and services instead of relying on the advertising-led model.