Bengaluru based TripFactory.com raised an undisclosed Series A round of funding led by Aarin Capital Partners (founded by Mohandas Pai and Dr Ranjan Pai). The raised funding will be used in building a strong technology team and mobile expertise.
Founded in 2014 by ex-Via founders Vinay Gupta and Amit Aggarwal, TripFactory is an online Customized Holiday Store, which provides packages curated by tour experts and travel operators that travellers can further enhance. The company provides choice from over 10,000 holidays at over 100 destinations. The company has also partnered with airlines such as Jet Airways, Go Air, SpiceJet & Air Costa.
The startup also allows holidays to be customized and priced online by customers. It has already sold around 4,000 holidays with a gross value of over $2 million in its first year of operations.
TripFactory Co-Founder and CEO, Vinay Gupta said, “India is a large growing market for both domestic and outbound travel, and most consumers like personalizing their own holidays or seek assistance by talking to experts who can plan for them. We are making that whole experience seamless using technology.”
Further he said, “Consumers generally plan holidays based on themes such as entertainment, places to visit, destinations and type of travel. Our natural language processing algorithms and machine learning programs allow consumers to search in plain text e.g. ‘goa packages near beach under 10000’ or ‘fly from Bangalore to Delhi next Tuesday and stay in a 5 star’.”
The overseas travel industry for leisure is growing at 40% CAGR year-on-year. The Leisure Travel Market in India as of today is about $80 billion annually which is set to grow to $150 billion by 2024. Online travel booking segment has been seen rapidly raising funds and expanding their services.
In April 2015, Travel Triangle raised a funding of $8 million in series B round from Bessemer Venture Partners with participation from its existing investor SAIF Partners. During the same month, another travel company MakeMyTrip acquired travel planning website Mygola for an undisclosed amount.