India-based B2B Travel company TravClan raised USD 4.7 million (INR 36 crore) in extended pre-Series A funding. The round took place on April 26, 2022. Hashed Emergent Fund led the funding for TravClan.
The pre-Series A round also saw the participation of angel investors. The investors included Nick Talwar, CEO at Circle Up; Aayush Phumbra, ex co-founder of Chegg; Travis Katz, Ex co-founder of Trip.com; Pritesh Gupta, Ex co-founder of Zipgo; and Vikram Chopra and Mehul Agrawal, Co-founders of Cars24.
Purpose of Funding for TravClan
The travel-based startup will use the funds to launch operations in the US and South East markets over the next 12 months. Meanwhile, TravClan will double down on its product and development. It will infuse the capital into technological capabilities to grow by ten times over the next year.
With the latest capital infusion, the company expects to grow to a USD 500 GMV run rate by the end of FY23. Currently, TravClan enjoys its physical presence in eight cities in India, Dubai and Singapore. It is working with 15,000 travel agents, and its bookings have grown 20 times compared to pre-COVID levels.
Earlier in 2021, the startup raised USD 2.2 million from TheVentures and Leo Capital.
What the founder has to say
“Offline travel agents sell $500 billion-plus worth of bookings every year. Covid has accelerated the need and demand from travel agents to digitise their operations. Our platform is enabling travel companies to rebuild their business faster and earn a better livelihood by generating more demand,” said Arun Bagaria, the co-founder and CEO of TravClan.
He further added, “Our tech-first approach to solving challenges faced by travel businesses has allowed us to build a highly capital-efficient business with a small team. The additional capital raised within three months of the previous round allows us to double down on investing in product and technology as we look to scale 10x over the next year rapidly.”
What the investor has to say
“Payments and trust in the travel ecosystem are a large problem that TravClan addresses. We are excited about the team’s vision of potentially using blockchain to build a payments network, thus saving millions of dollars in fees and building trust in the ecosystem,” said Tak Lee of Hashed Emergent Fund.
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