Travel SaaS Startup ITILITE Pockets $13 mn in Series B Round
The series B round is led by Greenoaks Capital and Vy Capital and also saw participation of Matrix Partners India and other existing investors.
ITILITE, a business travel SaaS-based company, has raised $13 million (INR 99.6 crore) in series B round led by Greenoaks Capital and Vy Capital. The round also saw participation of Matrix Partners India and other existing investors.
Founded by Mayank Kukreja and Anish Khadiya in early 2017, ITILITE offers end-to-end travel management desk to businesses. It helps businesses save up to 30 per cent in travel by providing incentives to its employees in the form of rewards.
The platform is present across India, USA and South East Asia and is serving over 200 multi-sector conglomerates such as Jockey, RPG Group, Toshiba JSW and tech-forward companies, including Ola, Swiggy and Capillary Technologies. “This capital will be instrumental in further strengthening our international presence and driving product innovation to deliver higher value to our customers,” said CEO Kukreja.
Gourav Bhattacharya, Director, Matrix India, believes that ITILITE will emerge as a global leader. “Armed with fresh capital, a world-class product and a highly accomplished team behind it, we are confident that ITILITE is well positioned to emerge as a global leader in business travel and expense management.”
Funding During Covid-19
ITILITE has raised funding at a time when travel industry is one of the worst hit due to COVID-19 pandemic. Timing indicates that the investor community has strong confidence in digital transformation that the business travel industry is going through, the company statement said.
“In the last few years, the business outlook on travel has changed significantly. More and more CFOs are reaching out to us, even during this pandemic, to understand how they can infuse technology into their travel processes to optimise it for efficiency and cost reduction while creating better employee experience,” said Anish Khadiya, Chief Business Officer, ITILITE.
Since the pandemic has started, ITILITE has introduced several new features that will help its customers to bring in a higher degree of employee safety when travel resumes. This includes identifying hotels that follow World Health Organisation (WHO) guidelines and list themselves on the platform as ‘COVID Safe’, as per its statement.
ITILITE had raised INR 30 crore in its series-A funding in January 2019 and has seen 5X growth since then.