InnoVen Capital pours in $3 Mn debt fund in TravelTriangle

TravelTriangle

Holiday travel marketplace TravelTriangle has raised $3 million in debt funding from Singapore’s Temasek Holdings-backed InnoVen Capital. This is the second round of capital infusion from the venture debt investment. In 2015, it invested $1.25 million in the online travel platform.

The fresh funding will be deployed towards expansion and strengthening the company’s overseas operations, sadi the company in a press statement.

Founded in 2011 by Sankalp Agarwal, Prabhat Gupta, and Sanchit Garg, TravelTriangle is a holiday marketplace that helps travellers book personalised trips by connecting them to local travel agents to the destination.

TravelTriangle connects users with travel agents online, fetches price quotations, customize holiday trips and helps make bookings. It claims to have nearly 700 travel agents operating on the platform covering over 65 destinations in more than 15 countries.

In April, Nandan Nilekani and Sanjeev Aggarwal founded mid stage fund Fundamentum had led $12 million Series C round in TravelTriangle. Last year, the startup had raised $10 million in a Series B round from RB Investments, SAIF Partners, and Bessemer Venture Partners and scooped up $8 million series A round from Bessemer Venture in April 2015.

The Gurugram-based startup had claimed to achieve unit economics profitability (earning revenues on every transaction post marketing, payment gateway, support & ops cost) and securing a gross marginal value of Rs 350 crore in FY17.

Other startup in this segment are GoFro, TripHobo, TripFactory and others.

Besides TravelTriangle , InnoVen has provided over 165 loans to more than 130 startups including Oyo Rooms, Swiggy, Pepperfry, Byju’s and Yatra in India.

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