18th April, 2020. Bengaluru: Leading business travel SaaS company, ITILITE Technologies, announced today that it has raised USD 13 million in a Series B investment round led by Greenoaks Capital and Vy Capital, with participation from Matrix Partners India and other existing investors. The company plans to use the fresh funds for international expansion, and product innovation.
ITILITE offers an AI-powered platform to help companies manage their end-to-end business travel process. The platform offers a 90 second seamless booking experience to travellers, while helping companies save up to 30% in travel budget through superior controls and employee incentives. They have 200+ mid and large enterprise customers across India, USA and South East Asia. Jockey, RPG Group, Toshiba JSW, Ola, Swiggy and Capillary Technologies among others use ITILITE’s platform to manage business travel. The company has achieved 5X growth since its Series A round in January 2019.
Commenting on the funding, Mayank Kukreja, Chief Executive Officer, ITILITE Technologies said, “Around the world, digital transformation of business travel is well underway, and we are well positioned to help them to modernize their processes using technology. Consistently delivering a great experience to travellers and seamless process efficiency to companies has helped us become the business travel platform of choice. This capital will be instrumental in further strengthening our international presence and driving product innovation to deliver higher value to our customers.”
Speaking on customer receptiveness, Anish Khadiya, Chief Business Officer, ITILITE said, “Travel fuels growth of any business, and despite being one of their largest expenditures, it is also the most under-optimized function. However, in the last few years, the business outlook on travel has changed significantly. More and more CFOs are reaching out to us (even during this pandemic) to understand how they can infuse technology into their travel processes to optimise it for efficiency, cost reduction while creating better employee experience. We look forward to working with these companies, their forward-thinking leaders, and employees to transform their travel practices and create a win-win for all.“
Gourav Bhattacharya, Director, Matrix India said, “Optimizing travel for cost and experience is a priority for every business on the planet, and the growth ITILITE has achieved by delivering this in such a short time is impressive. Now, armed with fresh capital, a world-class product, and a highly accomplished team behind it, we are confident that ITILITE is well positioned to emerge as a global leader in business travel and expense management. We welcome Greenoaks Capital to the partnership and look forward to the next phase of growth.”
At a time when every business has been impacted by the COVID-19 pandemic, the travel industry has been hit the worst. While ITILITE has seen a temporary dip in revenue, it has also recorded an increased interest from companies across markets in this period, trying to explore better ways to manage business travel. Since the pandemic started, ITILITE has also introduced several new features that will help its customers to bring in a higher degree of employee safety when travel resumes, including identifying the hotels that follow WHO guidelines and listing them on the platform as ‘COVID Safe’. Today, the platform has over 150,000 users across the 200 companies that work with ITILITE.
The timing of the funding is also an indicator that the investor community has strong confidence in this digital transformation the business travel industry is going through.
About ITILITE Technologies:
ITILITE Technologies is a SaaS company that offers end-to-end travel management platform to businesses. Over 200 companies including multi-sector conglomerates and tech-forward companies in India, USA and South East Asia including Jockey, RPG Group, Toshiba JSW, Ola, Swiggy and Capillary Technologies among others use ITILITE’s platform to move their employees with superior experience, better processes and higher savings. For more information, please visit: 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), Ola Electric (multimodal electric vehicle platform), Razorpay (payments), Stanza Living (tech enabled student housing platform), Vogo (scooter sharing), and Cloudnine Hospitals (leading chain of maternity hospitals), 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, with approximately $5 billion under management. Further information is available at www.matrixpartners.in