Bengaluru based business-to-business (B2B) travel startup Itilite has raised seed funding from Matrix Partners and a group of angel investors. The startup however did not disclosed the size of capital raised and names angel investors participating in the round.
Founded in 2017 by former Myntra employees Kukreja and Anish Khadiya, Itilite plans to use the freshly raised capital to strengthen its technology while it is also looks to hire additional workforce. The startup have about 15 people in the team now.
The SaaS startup which offers end-to-end corporate travel management solutions, uses its technology to offer cost-effective travel options, to keep expenses for companies at less than what their employees are entitled to.
The startup offers corporates solutions that allows them to reward their employees to save on travel cost. A travel rewards platform to help corporates save upto 30% on travel cost by rewarding employees to make cost conscious.
“The amount, which is saved owing to booking cheaper options despite higher entitlement, gets divided between the company and the employee on a 50-50 basis. Our solution is cutting travel costs by 30% for clients, while traditional players offer a promise of cutting 3-5% only”, said Mayank Kukreja, co-founder of Itilite.
Matrix Partners India VP Gourav Bhattacharya said, “Corporate travel is in some sense the final frontier of travel — a large market that has meaningful components that are still offline and manual. Itilite’s innovative SaaS product takes a lot of the friction out of the process. In addition, it also drives cost-saving for clients that creates direct bottom-line impact.”
In a prepared statement, the company said the B2B travel market is worth about $35 billion in India and it is largely fragmented and serviced by offline travel management companies. “Our state-of-the-art technology, coupled with behavioural science, helps align the incentives of the company.
The above development was first reported in Livemint