Bengaluru-based travel tech startup Itilite has raised seed funding of an undisclosed amount from Matrix Partners and some angel investors.
The software-as-a-service (SaaS) platform, which offers end-to-end corporate travel management solutions will use this latest funding to strengthen its technology and to increase its workforce.
Founded this year by former Myntra employees Mayank Kukreja and Anish Khadiya, Itilite uses its technology to offer cost-effective travel options, to keep expenses for companies at less than what their employees are entitled to.
The company claims to have around 20 clients including software firms, e-commerce companies, logistics operators and a couple of packaged food makers. Clients are billed on the volume of travel they book through Itilite, reported Mint.
Itilite offers end-to-end corporate travel management solutions, uses its technology to offer cost-effective travel options, to keep expenses for companies at less than what their employees are entitled to.
Itilite co-founder Kukreja said, “The amount, which is saved owing to booking cheaper options despite higher entitlement, gets divided between the company and the employee on a 50-50 basis. Our solution is cutting travel costs by 30% for clients, while traditional players offer a promise of cutting 3-5% only.”
He further added, “To the best of our knowledge, we are the only player doing this (employee rewards for low travel bill) in India. Google started this policy internally 10 years back, and there are two highly funded firms in the US, but none in India.”
Recently, Matrix partners participated in funding rounds of startups such as Mumbai-based DocTalk, which raised about $5 million, Delhi-based Agriculture supply chain technology startup Gobasco, which raised an undisclosed amount in the Seed funding round.
Last month, it also invested in Delhi-based online lending platform ZipLoan, which secured Rs 20 crore in an equity fundraising with participation from other existing investors Waterbridge Ventures and Whiteboard Capital.