Asian debt and speciality lending firm, InnoVen Capital today announced that it has invested $3 million in TravelTriangle, a curated travel platform. The investment follows InnoVen Capital’s 2015 investment of USD 1.25 million to the company.
With four years of relationship, InnoVen Capital has helped the platform to connect with similar platforms in China through Temasek. Punit Shah, Director, InnoVen Capital India said, “We are excited to be part of Travel Triangle’s journey. 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.”
Founded in 2011 by Sankalp Agarwal, Sanchit Garg, and Prabhat Gupta, TravelTriangle, allows travellers to connect with local travel agents, fetches price quotations, customize holiday trips and helps make bookings through its platform.
The company claims to have nearly 700 travel agents operating on the platform covering over 65 destinations in 15+ countries.
“The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organization, and strengthening our outbound based operations,” said TravelTriangle co-founder and chief executive officer Sankalp Agarwal.
The Gurgaon-based startup counts venture capital (VC) fund Fundamentum, Bessemer Venture Partners, SAIF Partners and RB investments as its investors. Till date, it has raised a cumulative equity of $28 million in four rounds. In the last funding round, the platform had raised $12 million from Nandan Nilekani and Sanjeev Aggarwal backed Fundamentum.
The leisure market is growing in India. Last year alone, the leisure holidays market was valued at USD 6.4 billion which is further expected to grow to $28 Bn by 2025.