Television

'Travelguru' receives a $15 million capital commitment

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MUMBAI:Travelguru, India?s online travel portal, has announced that it has received a fresh infusion of capital commitment to the tune of $15 million from Battery Ventures and Sequoia Capital India.

The second round of funding will help in building retail initiatives to support online growth. In the past one year, Travelguru has gained access to more than 72,000 hotels worldwide and alliances with 500 airlines globally, asserts an official release.

Travelguru claims that the number of customers who it for their air, hotel stay and vacation needs is currently pegged at 70,000 customers a month. With a slew of promotional and strategic initiatives planned in the months ahead, the user base of Travelguru is set to grow by over 30 per cent month on month.

Commenting on the investment, Travelguru CEO and founder Ashwin Damera said, ?Our focus on delivering superior consumer experience through cutting edge technology, breadth of product offerings and best value travel deals has yielded great results to all our stakeholders. The second round of funding from Battery Ventures and Sequoia Capital reaffirms the growing confidence in Travelguru?s team and leadership position in the Indian travel and tourism industry.?

Battery Ventures general partner Mark Sherman added, ?We are very happy to announce our first major investment in the consumer internet space in India with Travelguru. In a short span of time, Ashwin and his team have established a distinct identity for Travelguru in the online travel space in India."

"We expect them to lead the market with solid industry relationships, continued product innovations, and high quality customer experiences," he further said.

Sequoia Capital India managing director KP Balaraj said, ?We are delighted that US based Battery Ventures has chosen to join in on the second round of funding for Travelguru. The growing consumer base and the leadership status of being the largest hotel consolidator in the Indian online travel market highlights the unique position of Travelguru.

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