06 September 2017, India:
New Delhi-based holiday marketplace GoFro has raised $10 Million funding from Japan’s leading travel company H.I.S. Co. Ltd. The round also saw participation from the existing investor MakeMyTrip as per the report by ET.
With this investment, GoFro will further strengthen its technology platform, supply and agent network and expand into international markets. GoFro is in advance talks with other investors who want to participate in the round of funding.
Founded in 2015 by Amitabh Misra, GoFro has been empowering travellers in India with a huge inventory of customised and fixed packages for more than 70 destinations across the globe. As the Company expands its footprints to Japan, it will become India’s first travel marketplace to expand its operations in the international market.
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“Support of HIS and MakeMyTrip is a validation of the potential of GoFro’s marketplace platform. We now look forward to HIS’s global reach and experience to help us enhance our global supply network and provide great holiday packages at competitive prices,” said Amitabh Misra, founder and chief executive, GoFro.
“GoFro is poised for great success in the high growth holiday travel market in India. We believe it holds the potential to become the next travel-tech revolution. GoFro platform is globally scalable and we look forward to taking this revolution to the Japanese market,” said Akira Hirabayashi, vice-chairman, HIS Co Ltd.
“Through its superior technology, GoFro has the potential to bring hundreds of branded products under one umbrella to organise this fragmented market. We hold great confidence that GoFro will be able to capture and grow this underserved market through its differentiated product offering,” said Deep Kalra, founder, group chairman and group CEO, MakeMyTrip. MMt was the first investor in the company with $5 Million capital.
According to Misra, GoFro currently records gross transactions of about $1 million per month with a transaction volume of close to 1,000. The company, which earns commissions on every booking made through its platform, works with leading travel operators in the country, including Thomas Cook, Yatra and MakeMyTrip. H.I.S. is Japan’s leading travel company with 230 overseas branches in 141 cities across 66 countries, in addition to 233 retail outlets in Japan. (Image- GoFro)