End-to-end corporate travel
management solution company Itilite
has raised an undisclosed funding from Matrix Partners India and some angel investors. Itilite, a business-to-business (B2B) Travel
SaaS provider, reduces cost by rewarding employees for saving on travel.
The new funds
will be used to strengthen the technology platform and to expand the team. Investors of Itilite- Mayank Kukreja
and Anish Khadiya- have worked at McKinsey
The corporate travel
is a US$-30 billion market in India that is largely fragmented and serviced by offline travel
As most companies
struggle with meeting employee expectations while preventing a major escalation in travel
costs, Itilite’s approach is to reward employees for travel
savings, thereby, making them the biggest ambassadors of travel
In addition to this, the platform provides a better travel
booking experience using dynamic travel
policy integration, self-learning algorithms for trip planning, analytics dashboards for CFOs, and other features.
This approach has helped Itilite’s customers lower travel
cost by 30 per cent, while making employees happier.
Commenting on the investment, Mayank Kukreja, Co-Founder, Itilite, said: “We are excited to partner with Matrix to fill the huge gap in the business travel
learns employee preferences and surfaces personalised travel
options, making the booking process smarter and seamless.
“Our customers are already benefitting from our data platform. We are confident that we will help CFOs and travel
managers across industries by removing inefficiencies, simplifying processes, and enhancing the visibility into travel
spends,” said Khadiya, co-founder, Itilite
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, which in turn, creates direct bottom-line impact. We are privileged to be in business with Mayank and Anish, and look forward to helping them on their journey to create a large company,” said Gourav Bhattacharya, vice president, Matrix India.