Traveltech startup Travel Buddy has bagged an undisclosed amount in a funding round from early-stage investment platform Mumbai Angels.
Travel Buddy plans to spend 55% of the raised funds on product development and technology improvements. The company aims to build a platform for 240 million users by 2025-26, it said in a press release.
The startup also plans to integrate an online booking platform into the direct-to-consumer (D2C) marketplace and introduce a slew of curated services to add more revenue streams.
Founded by Saurav Chakraborty along with Vijay Saini and Paromita Bir in 2020, Travel Buddy lets travellers find travel partners and local experts across popular destinations and operates a D2C online marketplace.
The platform claims that it has built a global community of more than 1 million travel content creators while more than 25,000 travel providers are selling their services through the platform.
“It will be our focus to open a new arena of exclusive deals in Travel buddy, in creating a win-win situation for both our travellers and the service providers. We are confident that the fresh funds will tailwind the execution of Travel Buddy's planned initiatives for the future,” said Chakraborty.
The app will offer travel providers adequate leads to sustain the business and a platform for travellers to connect, share and meet, the company said.
“After a brief lull, the travel market is buoyant with accelerating demands. Travel Buddy has ensured trust and an exhilarated experience for its travellers through a unique solution that holds immense potential to address the pain points inherent in the travel industry,” said Nandini Mansinghka, co-founder and chief executive of Mumbai Angels.
With the pandemic receding, travel-tech startups are now making a recovery. Venture capital firms are fueling the expansion plans of the startups in the space so that they can cash in on the surging revenge travel and double down on expansion plans.
For instance, in July 2022, travel-as-a-service platform Spotnana raised $75 million in a round led by Durable Capital Partners LP, with participation from existing backers Madrona Venture Group, Iconiq Growth, Mubadala Capital and Blank Ventures.
Headout, Itilite, TravClan, and HappyEasyGo are the other four startups in the travel-tech space to have raised fresh funding in 2022.
