SaaS startup ITILITE pockets Series A cheque
Bengaluru-based ITILITE Technologies Pvt. Ltd, which provides a software-as-a-service platform to companies for managing their travel requirements, has raised Rs 30 crore ($4.2 mn) in a Series A funding round from existing investor Matrix Partners India and others.
A group of angel investors, including Helion Ventures founder Ashish Gupta, also participated in the round, a company statement said. Gupta has previously invested in companies such as Flipkart, MakeMyTrip and MuSigma.
According to the statement, the company plans to use the capital to grow its engineering team for the development of new capabilities and accelerate its sales and marketing efforts.
ITILITE was founded in 2017 by Mayank Kukreja and Anish Khadiya. Kukreja is an alumnus of IIT Delhi and IIM Ahmedabad while Khadiya is an alumnus of IIT Kharagpur and IIM Lucknow. Prior to ITILITE, both of them worked at consulting firm McKinsey and fashion e-tailer Myntra.
In November 2017, ITILITE had raised an undisclosed amount from Matrix.
The startup offers a SaaS platform that helps companies reduce travel costs and improve booking experience by giving incentives to employees to save on their travel expense.
“With this funding round, we are committed to bring our platform to more companies,” said Kukreja.
Khadiya said the ITILITE platform learns employee preferences and makes personalised suggestions. “This is like having a smart travel assistant capable of instant response,” he said.
Gourav Bhattacharya, director at Matrix Partners India, said that the momentum gained by ITILITE in the past year is a testament to its innovative SaaS product and business model. “This also strengthens their position in the business travel space,” he said.
Matrix Partners India has about $1 billion of assets under management. Founded in 2006, the venture capital firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. It has invested in several companies such as Ola, Quikr, Practo, Dailyhunt, Treebo, Limeroad and Vogo.