Mumbai-based omnichannel travel tech startup, Goomo has secured $50 million to enter the OTA market in India. The investment comes from Emerging India, a Mauritius-based fund manager with over $1.5 billion under management.
The company plans to utilise freshly infuse funds to build an online platform, products, marketing and establishing its off-line partner network.
Commenting on the development, a spokesperson from Emerging India said, “Over the last 12 months we have built a great team with a strong foundation. We are excited about the growth prospects of the business and expect the team to create a great India focused travel distribution business in the next 2 – 3 years.”
Goomo Holdings was established after Emerging India acquired Orbit Corporate and Leisure Tours in November 2015, and then launched the online platform, Goomo.com, in March 2017 with an intent to focus on the fast-growing b2c travel segment. Goomo.com launched its services with Flights, Holidays and Trade Fairs and will soon be launching hotels, trains, buses and visas on-line.
“Over the last 12 months, we have successfully integrated Orbit, built a great team with strong industry experience and a robust technology platform.It is early days, but we are already getting great feedback from customers. Given the potential in the travel sector, we aim to establish ourselves as one top 3 travel platforms in India in next 3-5 years,” said Varun Gupta, CEO Goomo.
“Goomo is being built ground up to be an Omni-channel platform that will facilitate corporate and consumer travel booking across online and offline channels.” he added further.
Goomo will distribute travel products and services through its online platform, flagship stores, and partner agents. In addition, management expects to build one of India’s largest retail distribution networks with an objective of touching more than 20 million customers a month.
This round is one of the largest raised by a startup operating in the online travel space, outside the big two players – Nasdaq-listed firm MakeMyTrip and Yatra and therefore it is the evidence of increasing investor participation in the space.