Itilite to expand team with funds from Matrix Partners, angel investors

Corporate travel is a $30-bn market in India; it is largely fragmented and serviced by offline travel management firms

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 and Myntra previously.

The corporate travel is a US$-30 billion market in India that is largely fragmented and serviced by offline travel management companies.

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 cost reduction.

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 market”.

Itilite 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 added.

“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, 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.