Total amount raised
$46.3 Millions
Latest funding date
Location
ITILITE has successfully raised multiple funding rounds, with the latest being a Series C round closed on April 13, 2022. The platform offers a comprehensive suite of services, including business travel management, expense management, and corporate card solutions.
Keep reading to explore the intricacies of ITILITE's fundraising journey and the investors backing this innovative platform.
What Is ITILITE?
ITILITE, founded in 2017 by Anish Khadiya and Mayank Kukreja, is a corporate travel and expense management platform headquartered in Bangalore, Karnataka, India. The company operates within the business travel, information technology, internet, SaaS, and travel industries.
With an employee count ranging from 251 to 500, ITILITE aims to simplify the travel booking process and reduce costs for organizations. The platform offers a unified booking system, personalized recommendations, and real-time insights to enhance policy compliance and workflow efficiency.
How Much Funding Has ITILITE Raised?
- Series C
- Amount Raised: $29M
- Date: April 2022
- Lead Investors: Tiger Global Management, Dharana Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in product innovations, brand building, and scaling up go-to-market teams.
- Series B
- Amount Raised: ₹1B
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion.
- Series A
- Amount Raised: $4.2M
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: For product development and market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: For initial product development and market research.
Total Amount Raised: $33.2M
Current Valuation: Not publicly disclosed
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that focuses on private and public companies in the internet, software, consumer, and financial technology sectors. Since 2001, it has invested in hundreds of companies, ranging from Series A to pre-IPO stages.
- Investment Focus Areas: Internet, software, consumer, financial technology sectors.
- Notable Investments: Patreon, AirBnB, Stripe.
- Dharana Capital
- Details: Dharana Capital is an investment firm focused on making concentrated investments into category-defining technology companies in India and other emerging markets. It is an affiliate of Vy Capital.
- Investment Focus Areas: Technology companies in India, emerging markets.
- Notable Investments: Reddit, Neuralink, Urban Company.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Founded in 2006, it has been a recurring investor in ITILITE since its seed funding round in 2017.
- Investment Focus Areas: Indian consumer market, enterprise market, early-stage companies.
- Notable Investments: Ola, Razorpay, Practo.
- Tenacity Ventures
- Details: Tenacity Ventures is a venture capital firm that invests in technology-driven companies. Specific details about the firm are limited.
- Investment Focus Areas: Technology-driven companies.
- Notable Investments: Not publicly disclosed.
What's Next for ITILITE?
ITILITE stands poised to capitalize on the resurgence of business travel, particularly in the U.S. market. With a user base of over 500,000 across 300 companies, the platform's AI-powered solutions offer significant cost-saving opportunities, making it an attractive option for businesses looking to streamline their travel and expense management.
Future fundraising opportunities appear promising, given the company's 500% growth since its Series B round in 2020. Continued interest from venture capitalists and private equity firms could pave the way for further rounds of funding, potentially leading to an IPO or strategic acquisitions to enhance service offerings and market reach.
However, ITILITE faces challenges such as competition from other T&E management platforms and the complexities of expanding into new markets. Maintaining high user satisfaction while scaling operations will be crucial for sustaining growth and staying ahead in the rapidly evolving travel and expense management industry.
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