Battery Ventures, Sequoia Capital India invest $15 mn in Travelguru

Battery Ventures, Sequoia Capital India invest $15 mn in Travelguru

Author | exchange4media News Service | Thursday, Nov 30,2006 7:54 AM

Battery Ventures, Sequoia Capital India invest $15 mn in Travelguru

Travelguru has received a fresh infusion of capital commitment to the tune of $15 million from Battery Ventures and Sequoia Capital India. The second round of funding will help in building the travel portal’s retail initiatives to support online growth. Travelguru has lined up aggressive plans for marketing and brand building in the coming months.

Travelguru has access to over 72,000 hotels worldwide and alliances with 500 airlines globally. The number of customers who use Travelguru for their air, hotel stay and vacation needs is currently pegged at 70,000 customers a month. With a slew of promotional and strategic initiatives planned in the months ahead, the company is confident that its user base would grow by over 30 per cent month on month.

Commenting on the investment, Ashwin Damera, CEO and Founder, Travelguru, said, “Our focus on delivering superior consumer experience through cutting edge technology, breadth of product offerings and best value travel deals has yielded great results to all our stakeholders. The second round of funding from Battery Ventures and Sequoia Capital reaffirms the growing confidence in Travelguru’s team and leadership position in the Indian travel and tourism industry.”

Mark Sherman, General Partner, Battery Ventures, said, “We are very happy to announce our first major investment in the consumer Internet space in India with Travelguru. In a short span of time, Ashwin and his team have established a distinct identity for Travelguru in the online travel space in India. We expect them to lead the market with solid industry relationships, continued product innovations, and high quality customer experiences.”

KP Balaraj, Managing Director, Sequoia Capital India, said, “We are delighted that Battery Ventures has chosen to join in on the second round of funding for Travelguru. This reflects our growing confidence in Travelguru’s market position and capabilities. The growing consumer base and the leadership status of being the largest hotel consolidator in the Indian online travel market highlight the unique position of Travelguru.”

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