Curated travel experience startup TravelTriangle has raised $3 million in debt capital from venture capital firm InnoVen Capital. InnoVen is already an investor in the startup and has earlier invested $1.25 million in the startup.
Based on a marketplace model for domestic, outbound and weekend trips for Indian consumers, the startup is working as a full stack provider of vacations and holidays. TravelTriangle enables discovery, engagement and fulfilment of transactions for holidays and vacations across several travel operators in India and overseas.
Founded by Sankalp Aggarwal, Prabhat Gupta and Sanchit Gard, TravelTriangle received a recent Series C funding of $12 Million from Nandan Nilekani, and Sanjeev Aggarwal backed Fundamentum. The startup has raised a total $28 million in previous equity funding venture rounds
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In a press statement, Punit Shah, Director of InnoVen Capital India, said, “The company 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.”
Sankalp Agarwal, co-founder and CEO of TravelTriangle, said, “The leisure market is growing at an express pace in India, and TravelTriangle’s evolution corresponds to this growth. The portal presently covers over 15 countries and over 65 destinations. The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organisation, and strengthening our outbound based operations.”
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If we talk about the data, around 1.7 crore Indians have travelled abroad in 2017 and more than 6.5 crores Indian citizens hold a passport. With the increase in income levels and reducing air fairs, the travel sector will continue to grow.
The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 lakh crore (US$450 billion) by 2028 (9.9% of GDP). In October 2015, India’s medical tourism sector was estimated to be worth $3 billion, and it is projected to grow to $8 billion by 2020.