Holiday travel marketplace TravelTriangle has raised $12 million (Rs 78 crore) in Series C round led by Nandan Nilekani and Sanjeev Aggarwal founded mid stage fund Fundamentum. Existing investors including SAIF Partners, Bessemer Venture Partners, RB investments and a clutch of angel investors also participated in the round.
Following the round, Ashish Kumar, Partner, Fundamentum will join the TravelTriangle board, mentions a press statement. The Gurugram-based company claims to have 700 active travel agents operating through the platform. The deal marks maiden investment for the newly launched firm.
The proceeds will be deployed towards building technology, devising interaction layer using artificial intelligence and machine learning. The company will also expand to newer destinations and invest in brand building.
TravelTriangle is a holiday marketplace that helps travellers book personalised trips by connecting them to local travel agents to the destination.
Last year, TravelTriangle had raised $10 million in a Series B round from RB Investments, SAIF Partners, and Bessemer Venture Partners. This is the fifth round of funding for the travel marketplace.
Besides Series C and B, it also had raised $1.7 million from SAIF Partners in July 2014 and closed series A financing of $8 million from Bessemer Venture in April 2015.
Previously, Sanjeev Aggarwal and Nandan Nilekani have invested in travel startups including MakeMyTrip, RedBus, and RailYatri.
Last month, Fundamentum had raised $20 million from CDPQ (La Caisse de dépôt et placement du Québec), a Canadian institutional investor. Besides contributing to the $100 million projected fund, CDPQ will also explore direct investments in the Bengaluru-based VC firm’s portfolio companies.
Fundamentum is a growth stage fund which eyes Series B and C rounds in consumer Internet and B2B companies serving global entities across sectors including travel, retail, and logistics.
Besides CDPQ, Nilekani, and Aggarwal, Fundamentum also has on-boarded six entrepreneurs to invest and mentor its portfolio companies.