Bengaluru. January 17th, 2019: ITILITE, the next generation corporate travel management platform, has raised INR 30 crore in a Series A investment round from its existing investors which include Matrix Partners India, and another leading global technology VC fund. A cohort of angel investors, including Ashish Gupta (founder, Helion Venture Fund) who has previously invested in companies such as Flipkart, MakeMyTrip and MuSigma, also participated in the round.
ITILITE offers an intelligent SaaS platform that helps companies reduce travel cost and improve booking experience, through a unique model of incentivizing employees to save on their travel expense. ITILITE brings down the overall travel cost for a corporate in a way employees love. The cutting-edge tech offered by ITILITE dramatically improves the booking experience, while enhancing visibility and control for the company. This model has resulted in a 30% month-on-month growth for the company over the last 12 months.
The company plans to use the capital to grow its engineering team for development of new capabilities, and simultaneously accelerate its sales and marketing efforts.
Commenting on the investment, Mayank Kukreja, Co-Founder, ITILITE, said, “Almost everyone who has travelled for work, has stories about the painful experience and the inefficient process. We have designed a smart system which helps businesses save time and money. Our 90 second booking process, 30% cost savings and travel rewards are unparalleled in the industry and ensure that we are loved by travellers, travel managers and financial controlers. With this funding round, we are committed to bring our platform to more companies and transform this industry.”
Anish Khadiya, Co-Founder, ITILITE, added, “Through its intelligent platform, ITILITE learns employee preferences and surfaces personalized recommendations. This is like having a smart travel assistant capable of instant response. Our platform addresses unique use cases for a range of our customers, which include large enterprises with thousands of employees to high-growth startups. It has delivered consistently across convenience and cost savings”
“The rapid momentum gained by ITILITE in the last one year is a testament to the company’s innovative SaaS product and business model; this also further strengthens their position in the business travel space. We are privileged to have partnered with Anish and Mayank and are excited to continue supporting them on their journey”, said Gourav Bhattacharya, Director, Matrix India.
About the Founders:
ITILITE was founded in 2017 by Anish Khadiya and Mayank Kukreja. Anish is an alumnus of IIT Kharagpur and IIM Lucknow. Mayank is an alumnus of IIT Delhi and a Gold Medallist from IIM Ahmedabad. Prior to ITILITE, both of them worked at McKinsey & Co. and Myntra.
ITILITE is a powerful end-to-end corporate travel management platform that balances company's savings and traveller experience through a combination of tech and 24/7 support. It helps corporates digitize their travel bookings with a consumer grade booking experience, wide range of bookable inventory, dynamic travel policy integrations and live insights for the financial controllers. ITILITE covers bookings for flights, hotels, buses and other associated travel services.
Itilite's USP is an incentive program where employees are rewarded for savings they make for their company during travel. Itilite’s AI powered algorithms predict the cost for every trip and lets the traveller keep half the savings they make by choosing cost conscious options (e.g., staying in a 3 start hotel while allowed to stay in a 4 star). Further information is available at www.itilite.com
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Vogo (scooter sharing network) and Belong (recruitment platform) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India. Further information is available at www.matrixpartners.in