07 February 2017, India:
TravelTriangle, an online marketplace for discovering travel agents, has raised $10 million in a fresh round of funding led by Singapore-based venture capital firm RB Investments as per the report by TechCrunch.
The four-year-old company is focused on bringing India’s largely offline travel agency space, which is dominated by small and medium-sized companies, online. That’s to both help travel brokers reach larger audiences, and provide more travel options for India’s population — which is more than 1.2 billion in size.
Talking about TravelTriangle, Harshavardhan Bothra from RB Investments said, “The opportunity of serving the large do-it-for-me market in holidays is under appreciated. What sets them apart are their operators; diligent, persistent and insightful. We see TravelTriangle marketplace as the key beneficiary of fast-growing outbound holiday market and increasing fragmentation of offline travel agents.”
“We see TravelTriangle marketplace as the key beneficiary of fast growing outbound holiday market and increasing fragmentation of offline travel agents,” an RB Investments spokesperson said. “Increasing consumer expectations and needs make travel agents and related industry players indispensable which results in a great opportunity for TravelTriangle.”
Founded in 2010 by IIT alumni Sankalp Agarwal, Sanchit Garg, and Prabhat Gupta, TravelTriangle aims to further work towards profitability. It also plans to enhance features in the product and increase the organic traffic on the platform.
“There is a very large list of features requested by both travelers and suppliers, and we will be working on them, to provide seamless experiences to both sets,” said Agarwal, chief executive of TravelTriangle.
With a team of over 400 people, TravelTriangle operates from offices in Noida, Gurgaon, Mumbai and the US. The company currently has a network of over 650 travel agents, which it expects to increase to over 1,500 agents in the next 18 months, said Agarwal.
SAIF Partners and Bessemer Venture Partners, existing investors in the Noida-based Holiday Triangle Travel that owns and operates TravelTriangle, also participated in the new round, even as risk capital continues to back players in the country’s online travel sector.