Wego.com secures Rs 100 crore via Series C preferred share offering

Private equity firms Crescent Point, Victoria Capital join existing investor Tiger Global in this round of funding

Wego.com, a travel search engine in the Asia-Pacific and Middle East, has secured $17 million (Rs 100.30 crore) in growth capital through the completion of a Series C Preferred Share Offering. The investment round was led by Crescent Point with contributions from Victoria Capital and existing shareholder Tiger Global. This brings Wego’s total capital raised to $36 million (Rs 212.40 crore).

 

Crescent Point is an emerging markets investment firm focused on the Asia-Pacific and Middle East regions. Victoria Capital invests in growth stage businesses focused on the technology, media, online and related industries. 

 

Wego started the travel metasearch space in the Asia-Pacific region from Singapore and is present in 52 markets and 30 languages globally with a particularly large user base in the fast developing markets like Indonesia, India, Southeast Asia and the Middle East. Wego generates more than $10 million (Rs 59 crore) per day of potential bookings for their travel partners. A metasearch engine sends a user's request(s) to several other search engines and/or databases and aggregates the results into a single list. 

 

Wego expects to use the additional capital to step up investment in product and innovation, grow the team with top talent at all levels, scale marketing to grow Wego into a leading online travel brand.

 

Simultaneous to the closing of this round, Paul Bassat from Victoria Capital and a representative of Crescent Point have joined Wego’s board of directors.