Tripoto Travel, which allows users to discover travel itineraries and book hotels and holiday packages, has posted a 100% year-on-year increase in revenue for 2018-19 to Rs 9.7 crore due to improved operational synergies and services development.
Net loss during the year, however, widened to Rs 7.1 crore from Rs 4.6 crore on account of higher costs as the company went on an expansion phase for its customer and enterprise divisions.
“The financial year 2018-19 has proved not to be a successful year. In the upcoming years, the business will increase manifold which will result in profitability,” said the company in a regulatory filing.
Tripoto saw a 60% rise in total costs to Rs 16.9 crore, mainly on account of higher salary costs, other expenses and finance costs. The company’s other expenses zoomed 100% to Rs 8.4 crore.
Cash balance increased to Rs 24 crore from Rs 25 lakh as it received share application funds. During the year under review, the company raised $320,000 from Chiratae Ventures and 3ONE4 Capital Advisors, as per VCCEdge data.
In April, Tripoto raised $3.6 million in a Series B round from Chiratae Ventures, 3ONE4 Capital, Orchid India and Lasmer NV.
As of April, Tripoto claims to have two million itineraries and over six million monthly active users. It has also developed a customer relations management platform, which allows travel agents to maintain an online presence.
Founded in 2013 by Anirudh Gupta and Micheal Lyngdoh, Tripoto is a platform which allows user-generated travel content, which can be used to crowd source travel itineraries.