Online holiday marketplace GoFro, owned and operated by Bona Vita Technologies Private Limited, has raised about $10 million in its second round of equity financing.
The funding round was led by Japanese travel company HIS Co. Ltd, while existing investor MakeMyTrip also participated in the round.
It will use the proceeds to further build its tech platform and expand to new geographies, along with growing its supply and agent network.
The company had recently partnered with 12 travel companies such as Thomas Cook, Yatra, MakeMyTrip, Paras Holidays, Contiki, Byond Travel and others to enable travelers to compare travel packages from other travel portals.
GoFro currently records gross transactions of about $1 million per month with a transaction volume of close to 1,000. The company earns commissions on every booking made through its platform.
“Given the relationship with HIS, one of Japan’s leading travel companies, we expect to enter the country over the course of the next two quarters. We are also evaluating other international markets at the same time,” Bona Vita CEO Amitabh Misra told ET.
The Delhi-based firm was founded by former chief technology officer at Snapdeal Amitabh Misra in 2015. GoFro (previously called Bona Vita) is an online travel planning and booking marketplace focused on Indian travelers. An end-to-end online travel agent, it combines flight, hotel, and transportation booking with an itinerary planner.
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GoFro brought MakeMyTrip on board as its first investor the same year, even while it was in a stealth mode.
In 2015, the country’s top online travel agency MakeMyTrip Ltd invested $5 million to pick up a majority stake in Bona Vita.
Travel sites like Yatra, Cleartrip and GoIbibo offer options for booking flights together with hotels. Through the same sites, users can book ground transportation and set travel packages. GoFro has a little bit more going for it there, offering all of those elements together in one website.
Its trip packages range from US$736 to US$28,000. From each sale, GoFro takes a 10 to 15 percent commission.
H.I.S. is Japan’s leading travel company with 230 overseas branches in 141 cities across 66 countries, in addition to 233 retail outlets in Japan.