Vacation packages portal TripFactory secures Series A funding from Aarin Capital
TripFactory Inc, a curated holiday package platform, has raised an undisclosed amount in Seed A funding from Aarin Capital Partners, a venture capital firm floated by former Infosys board member TV Mohandas Pai and Manipal Group chairman Ranjan Pai.
The investment will be used to build a strong technology team and for developing mobile offerings that connect advisors and agents with travellers, as per a media statement. The company also aims to venture into overseas markets next year.
"India is a large growing market for both domestic and outbound travel and most consumers like personalising their own holidays or seek assistance by talking to experts who can plan for them and we are making that whole experience seamless using technology," said Amit Aggarwal, co-founder and CEO of TripFactory.
TripFactory was founded in 2013, by Via.com co-founders Aggarwal and Vinay Gupta. It allows trip packages to be customised and priced by customers online. The portal gives options of over 10,000 holiday destinations in over 100 countries. TripFactory has sold around 4,000 holidays with a gross value of over $2 million in the first year of its operations, the company claims.
The startup has also partnered with Jet Airways, Go Air, SpiceJet and Air Costa to provide different travel options to customers.
"TripFactory has a strong and experienced team, earlier having built Via.com. I see good opportunity and rapid growth and am excited to be a part of their journey in building TripFactory as India's largest holiday company," said TV Mohandas Pai, co-founder of Aarin Capital.
Aarin Capital puts money in mid-stage startups through the $100 million Aarin Capital Fund I. The firm seeks to invest between $3 million and $10 million in life sciences, technology and internet sector firms.
Aarin Capital recently put money as part of a $2 million round in local services marketplace Zimmber. It also has positions in EdCast, KleverKid and HomeLane.