Bengaluru –based travel startup Itilite Technologies has raised an undisclosed amount of funding from the US-based private equity investment firm, Matrix Partners. A clutch of angel investors are also said to have participated in that round of funding. It will use the money to strengthen the technology platform and expand the team.
The startup was founded in January 2017 by former McKinsey and Myntra executives Mayank Kukreja and Anish Khadiya. The startup will use the funds to enhance its technology platform and expand its team according to Mayank Kukreja and Anish Khadiya.
Commenting on the investment, Mayank Kukreja, Co-Founder, Itilite, said, “We are excited to partner with Matrix to fill the huge gap in the business travel market. Our state-of–the-art technology coupled with behavioral science helps align the incentives of the company and the traveler. I am personally thrilled to see the change in traveler behaviour across our customers, who are now planning their trips in advance and are adopting technology wholeheartedly for a better travel experience.”
Anish Khadiya, Co-Founder, Itilite, added, “Itilite learns employee preferences and surfaces personalized travel options, making the booking process smarter and seamless. Our customers are already benefitting from our data platform. We are confident that we will help CFOs and Travel Managers across industries remove inefficiencies, simplify processes, and enhance visibility into travel spends.”
“Corporate travel is in some sense the final frontier of travel – a large market that has meaningful components that are still offline and manual. Itilite’s innovative SaaS product takes a lot of the friction out of the process. In addition, it also drives cost saving for clients that creates direct bottom-line impact. We are privileged to be in business with Mayank and Anish, and look forward to helping them on their journey to create a large company”, said Gourav Bhattacharya, Vice President, Matrix India.
Itilite is an end-to-end corporate travel management solution that seeks to reduce cost by rewarding employees for saving on travel, making them ambassadors of travel cost reduction.