Tripshelf, an online travel marketplace announced on Wednesday that it raised a funding round worth Rs 1.6 crore from a group of investors which includes GEMS advisory, Alok Mittal of Indifi, Sachin Bhatia the co-founder of MakeMyTrip and TrulyMadly, and more.
The funds raised will be used to consolidate its business operations and establish a long term asset vs. hyper growth capital.
Tripshelf is currently enjoying a positive period after achieving several targets such as an annual Gross Transaction Value (GTV) of Rs 36 crore and an annual revenue run rate of Rs 1.5 crore. After this funding round, the startup is now setting its eyes on achieving a run rate of Rs 3 crore annually, and a GTV of around Rs 50 crore.
This time, with the fresh capital, we look forward to on-boarding more tour operators in our platform, improve overall consumer experience, and also increase the products listed on the site, thereby helping our consumers with a comprehensive search experience,
said co-founder of Tripshelf, Dhruv Raj Gupta
Tripshelf is a company that focuses on making use of the newest technologies such as Artificial Intelligence and Machine Learning to give users the opportunity of comparing holiday packages and enquire or book directly from the website. It also helps tour operators of transitioning their offline services online through a series of Service as a Software (SaaS) applications while providing financial assistance to operators do to so.
“By working with us, our tour operators have recently seen an increase in conversion rates, adopted technologies that enable better team management, and created a strong online brand. We put our foot where our mouth is and help SMBs with capital loans too,” said co-founder of Tripshelf, Sukhmani Singh.
“I have known Sukhmani and Dhruv for a bit now and like the tenacity with which they approach any problem and create an opportunity out of it. This is a highly fragmented market and needs a mix of tech and good old operational skills to solve. This team has it in them to deliver on both,” said Sachin Bhatia co-founder of MakeMyTrip & TrulyMadly.
The website currently promotes over 750 tour operators and over 3000 holiday packages making it the leading company in its respective sector. The goal of the startup is to create a sustainable platform that tour operators will rely on to grow, learn, and manage their business online while ensuring consumers have a wide array of service and information to choose the most appropriate holiday package.