Asia’s leading venture debt firm InnoVen Capital invests USD 3million in TravelTriangle
Makes its second investment to tap in the multi-billion dollar growth potential in the outbound holiday market
InnoVen Capital, Asia’s leading venture debt and specialty lending firm, recently invested USD 3 million as venture debt in TravelTriangle, one of India’s leading curated travel platforms. The investment follows InnoVen Capital’s 2015 investment of USD 1.25 million in the same platform, and underlines the venture debt firm’s vision to put itself at the epicenter of a multibillion dollar growth opportunity in the outbound holiday’s market.
In 2017, 17 Million Indians travelled abroad, about 1.6% of India’s population. 65 million Indians have passports, and have already established a USD 6.4 billion leisure holidays market as of 2017. Rising income levels, advent of low cost airlines and budget accommodation as well as homestay options along with the perennial outbound dreams of the aspirational Indian have largely contributed to the sector’s growth, making India one of the strongest emerging outbound travel markets. India Leisure holiday market is expected to grow to $28 Bn by year 2025.
InnoVen and TravelTriangle have shared a long and fruitful relationship for the past 4 years. It has offered considerable support to the travel platform in connecting with similar companies in China through its Asia platform and global parentage from Temasek. Commenting on the potential showcased by TravelTriangle which earned them InnoVen’s renewed trust, Punit Shah, Director, InnoVen Capital India said, “We are excited to be part of Travel Triangle’s journey. The company has showcased growth coupled with healthy and positive unit economics. It has demonstrated a strong ‘say-do’ ratio since our first investment in 2015 and is well on its way of encompassing all the components of holiday ecosystem through its highly innovative and technology-focused product.”
Commenting on the latest venture debt raise, Sankalp Agarwal, Co-Founder and CEO, TravelTriangle said, “It gives us great joy to renew our relationship with InnoVen Capital, one of the most sought after venture debt firms distinguished for its keen eye of identifying business potential and long-term market opportunities. The leisure market is growing at an express pace in India, and TravelTriangle’s evolution corresponds to this growth. The portal presently covers 15+ countries and 65+ destinations. We also received a recent Series C funding of $12 Million from Nandan Nilekani and Sanjeev Aggarwal backed Fundamentum. The funding acquired from InnoVen and our other esteemed investors will be directed to meet the pressing expansionary demands for the organization, and strengthening our outbound based operations.”
The current venture debt funding further reinforces InnoVen’s stance as an investor in businesses that are a part of future high-return markets, and have the potential to emerge as the leading players in their sector. TravelTriangle has already raised a cumulative equity of USD 28 million, and InnoVen Capital’s renewed trust in the platform marks its ability to be one of the most recognized brands in its sector.
About InnoVen Capital:
InnoVen Capital is Asia’s leading venture lending firm providing debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. Till date, InnoVen Capital has provided over 165 loans to more than 130+ startups across various stages and geographies, including Oyo Rooms, Swiggy, Pepperfry, Byju’s and Yatra in India.
TravelTriangle, founded in 2011 by IIT graduates Sankalp Agarwal, Sanchit Garg, and Prabhat Gupta. Travel Triangle is a marketplace of Domestic, Outbound and Weekend holidays for Indian Consumers. The company is targeting the large leisure holiday market which is served by OTAs, organized & unorganized offline operators. Through its portal, TT enables discovery, engagement and fulfilment of transactions for holidays across travel operators in India and Overseas. TT is a full stack provider of holidays which provides a seamless experience across holiday planning, discovery, decision making as well as fulfillment.
Story via Value360 Communications.