Online travel marketplace TripShelf raises additional pre-Series A funds
Delhi-based online travel marketplace TripShelf has raised Rs 1.6 crore (around $246,000) in a pre-Series A round of funding from a group of investors, a company statement said.
This is a continuation of TripShelf's pre-Series A round, which happened in December 2016. The total amount raised by the startup now stands at Rs 3.2 crore.
The investors who participated in the round include existing investor GEMS Advisory and new investors including Alok Mittal, co-founder of fin-tech startup Indifi; and Sachin Bhatia, co-founder of online travel agency MakeMyTrip and dating startup Truly Madly. Anita Gupta, global equity strategist at Singapore Angel Network and Alka Puri, an IIM-Calcutta alumna and founder of Roads Ahead Consulting and a few other high net-worth individuals also participated in the round, the statement added.
TripShelf will use the funds to strengthen its business operations. The startup aims to touch a revenue run rate of Rs 3 crore annually and a gross transaction value of around Rs 50 crore.
Within two years of its inception, TripShelf claims to have achieved a GTV of Rs 36 crore and an annual revenue run rate of Rs 1.5 crore.
“The earlier funds we raised in 2016 were being used to establish unit economics’ profitability and setup the talent pool. This time, with the fresh capital, we look forward to onboarding more tour operators in our platform, improve overall consumer experience, and also increase the products listed on the site,” Dhruv Gupta, co-founder of the startup, said in the statement.
Run by TripShelf Technologies Pvt Ltd, the company was founded by Dhruv Gupta, Jai Raj Gupta, and Sukhmani Singh in April 2016.
TripShelf allows users to compare prices and packages from various travel operators listed on the platform and then the user can book on the supplier's website. The firm aggregates holiday packages by using artificial intelligence and machine learning.
Other deals in the travel-tech space
This week, Mihuru Pvt. Ltd, which gives micro loans for air travel through its online platform, raised $150,000 (Rs 99.3 lakh) in seed funding from entrepreneurs and HNIs.
Early this month, growth capital firm The Fundamentum Partnership invested $12 million (Rs 78 crore) in holiday-packages marketplace TravelTriangle.
In March, corporate travel management platform Tripeur raised $600,000 (Rs 3.90 crore) in a pre-Series A round led by Japan-based Incubate Fund. Existing investor Rajul Garg and a few other angels also participated in the round.