Travel management startup ITILITE Technologies Pvt Ltd on Wednesday said it has secured Series C funding of $29 million (around Rs 221 crore) led by Tiger Global and Dharana Capital, with participation from existing investors Matrix Partners India and Tenacity Ventures.
The Bengaluru-based firm plans to invest the fresh capital in product innovations, brand building and scaling up its go-to-market teams.
“In the last two years, large companies have fast-tracked their digital adoption, and T&E digitisation is increasingly a must-have," said Anish Khadiya, Founder and CBO, ITILITE.
“With ITILITE’s unique blend of enterprise-ready workflows, high-quality employee experience, and tech-enabled customer support, we are increasingly becoming the platform of choice for large companies. With the latest fundraise, we will accelerate our go-to-market journey and deepen our large company relationships," he added.
Founded in 2017 by Mayank Kukreja and Anish Khadiya, ITILITE powers travel and expense management for businesses.
ITILITE's digital T&E solution enables companies to improve the experience and optimize costs.
The platform claims to have launched the world's first artificial intelligence-powered virtual travel and expense consultant ‘Mastermind’, which provides data-driven real-time recommendations to optimize T&E spending and processes using AI and also accelerates the journey of T&E program analysis without any reliance on human consultants.
ITILITE further added it has seen 5x growth since its Series B round in 2020. At present, the firm powers over 500,000 users from over 300 companies in India and the US.
In April 2020, ITILITE raised $13 million (approximately Rs 99.45 crore) in a Series B funding round.
The startup raised Rs 30 crore (around $4.2 million) in a Series A funding round from existing investor Matrix Partners India and other investors in 2019.
It also raised an undisclosed amount from US-based private equity investment firm Matrix Partners in 2017.