Travel SaaS startup Itilite nets $13m in series B round

At a time when the travel industry has been severely hit by the Covid-19 crisis, Itilite, a software-as-a-service startup that focuses on business travel, announced that it has raised US$13 million in a series B round led by Greenoaks Capital and Vy Capital.

Matrix Partners India and other existing investors also participated in the round.

Itilite co-founders Mayank Kukreja (left) and Anish Khadiya / Photo credit: Itilite

Founded in 2017, the Bangalore-based startup offers an AI platform to help companies manage their business trips from end to end. By using the platform, travelers could enjoy a 90-second booking experience, while companies could save up to 30% in travel budget, Itilite said.

The startup has 150,000 users across over 200 companies in India, the US, and Southeast Asia, including Jockey, Toshiba JSW, Ola, Swiggy, and Capillary Technologies, among others. It also said it has grown five times since it secured US$4.2 million in a series A round from Matrix Partners and others in January last year.

Itilite now plans to use the fresh capital to drive product innovation and accelerate its international expansion, as well as grow its clientele in existing markets.

For the company, the timing of the funding indicates that the investor community has confidence in digitally transforming the business travel industry.

“Travel fuels growth of any business, and despite being one of their largest expenditures, it is also the most under-optimized function,” said Anish Khadiya, chief business officer at Itilite.

The company said that while it has recorded a temporary decline in revenue, it has seen increased interest from companies to digitally optimize travel processes for efficiency and cost reduction, even during the pandemic.

Since the outbreak started, Itilite said it has introduced several features to help its customers ensure employee safety once travel resumes, such as identifying hotels that follow World Health Organization’s guidelines and listing them on the platform as “Covid-safe.”