Infosys co-founder Nandan Nilekani’s startup fund ‘Fundamentum’ made a debut with INR 78 crores (~ $12 million) investment in TravelTriangle. The investment took place after Nandan Nilekani managed to rope in Canada’s CDPQ as an investor.
Bessemer Venture Partners, RB Investments, SAIF Investments, and others also took part in the Series C funding round of TravelTriangle. The portal currently attracts traffic of 2.5 million and has over 700 registered (active) travel agents.
The latest investment will be used to strengthen the customer interaction layer, using Machine Learning (ML) and Artificial Intelligence (AI). The company is also looking to develop a recommendation engine, using advanced data analytics. TravelTriangle claims that few travel agents earn 90% of their income from its portal.
In a statement, Nandan Nilekani said, “we met more than 50 companies before investing in TravelTriangle and we were very impressed with the team. We believe that this team is amongst the very best we have seen in the Indian technology eco-system, by virtue of their learnability, customer-centricity, frugality, and hunger to build a very large business”.
According to TravelTriangle, it has served over 60,000 happy customers.