Tripeur, a corporate travel management platform, is planning to raise nearly $3 – 5 million over the next few months, that will be utilised on new innovations and also fund its expansion that includes entering markets beyond India
The six-year old firm helps companies optimise their travel ecosystem by transforming manual travel function to a unified platform experience for their executives through transparent control and insights. This includes integrating with human resource and finance systems to create and plan the entire trip – from requests and approvals to booking tickets.
“We have raised $2 million so far, and are currently operationally profitable. We believe we are the frontrunners of corporate travel automation and we wanted venture funding to help us scale for quick market capture. we saw a 7X growth in about 15 months,” Thiagarajan Rajagopalan, co-founder at Tripeur, adding that it is looking to raise another round of funding in the next 3-6 months but cannot divulge further details.
Founded by Rajagopalan and Sajit Chacko in 2015, the Bengaluru-based company’s commercial operations were launched in mid-2017. Tripeur, which targets mid to large businesses, has clients including Udaan, Meesho, Sharechat, Siemens and Avendus.
“We have over 50 corporate companies on our platform and have so far processed over 2 million transactions. We charge customers per transaction for usage of the platform and services and also get paid a commission from our service partners. The net revenue amounts to 6% of the gross merchandise value,” added Rajagopalan.
While there are rivals such as TravelPerk and Tripactions in the segment, corporate travel automation is a large opportunity in India with many companies still opting for manual methods of managing travel, completely lacking in insights and real time controls. The company said it plans to enter South East Asia as the market is underserved and offers a huge opportunity.
Travel was the most impacted segment during the pandemic. However with vaccine drives and lower infection rates, the segment is bouncing back. Recently, B2B travel tech platform TravClan raised $2.2 million in its pre-Series A round led by a Korea and Singapore-based venture capital firm, TheVentures. Microsoft has also invested $5 million in Oyo to co-develop “next-generation” travel and hospitality products and tech. Bengaluru-based ITILITE Technologies, a software-as-a-service (SaaS)-based business travel management platform, has raised $13 million in a Series B funding round led by venture capital firms Greenoaks Capital and Vy Capital.