CLAYMONT, Del.–(BUSINESS WIRE)–Apr 13, 2022–
Business Travel and Expense Leader ITILITE Raises $29 Million in a Series C Round affirming that Corporate Travel is back with a vengeance. Tiger Global and existing investor Dharana Capital, led the round with Matrix Partners and Tenacity Ventures participating in this blockbuster Series C.
ITILITE has grown 500% since its Series B round in 2020, as organizations worldwide both return to travel and seek innovative and integrated travel and expense management. ITILITE empowers 500,000+ users globally across 300+ businesses ranging from Fortune 500 blue-chips to technology-forward startups, offering a seamless T&E experience. ITILITE’s digital T&E solution enables companies to optimize costs and radically improve user experience. Rated amongst top T&E solutions, ITILITE’s customers realize 800% ROI on their spend.
According to ITILITE Founder and CEO Mayank Kukreja, “People are back to offices and business travel is back in the conversation. Business Travel bookings are surging and we are witnessing thousands of trips happening on our platform; this is just a new beginning. This round is a reaffirmation of the impact we create for our customers. We are excited to have Tiger Global on our side and will aggressively double down on our momentum in the US market.” With the new round, the company will continue to invest more in product innovations, brand building, and scaling up its go-to-market teams.
Tiger Global Partner Griffin Schroeder said, “We are excited to partner with ITILITE as it reimagines business travel and expense management. Its integrated offering and easy-to-use system provides greater control and data visibility. It’s no surprise then that we are seeing strong user adoption in many geographies, including the US.”
ITILITE Founder and CBO, Anish Khadiya added, “In the last two years, companies have fast-tracked their digital adoption, and T&E digitization is increasingly a must-have.” He added, “With ITILITE’s unique blend of enterprise-ready workflows, high-quality employee experience, and tech-enabled customer support, we are increasingly becoming the platform of choice for large companies. With the latest fundraise, we will accelerate our go-to-market journey.”
“We remain deeply impressed by the innovation and execution capability of the team. We are happy to strengthen our partnership and continue supporting their vision to transform T&E globally,” said Vamsi Duvvuri, founder at Dharana Capital, an affiliate of Vy Capital. The global investment firm has a portfolio of stellar companies including Reddit, Upgrade, Zomato and Urban Company and has recently launched Dharana Capital with an exclusive focus on technology investments in emerging markets.
About ITILITE: Businesses worldwide use ITILITE to comprehensively automate their travel and expense processes to increase efficiency, reduce costs by 30%, and optimize resources without compromising the experience and safety of their employees. ITILITE launched the world’s first AI-powered virtual T&E consultant – Mastermind. Mastermind provides data-driven real-time recommendations to optimize T&E spending and processes using AI and also accelerates the journey of T&E program analysis without any reliance on human consultants.
About Tiger Global: Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global’s investments have included Patreon, AirBnB, Stripe, SVT Robotics, Meta (formerly Facebook), ClickUp, Brex, Peloton, LinkedIn, Flipkart, and Toast.
About Dharana Capital: Dharana Capital is an investment firm with an exclusive focus on making concentrated investments into category-defining technology companies in India and other emerging markets. It is an affiliate of Vy Capital which has technology investments globally in market leaders such as Reddit, Neuralink, Coalition, Zomato, and Urban Company.
+1 425 591 7664Veronica Khathuria
KEYWORD: DELAWARE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSULTING ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE
Copyright Business Wire 2022.
PUB: 04/13/2022 07:59 PM/DISC: 04/13/2022 07:59 PM
Copyright Business Wire 2022.