TripShelf, a Delhi-based startup which operates an online travel marketplace, has raised Rs 1.6 crore (around $246,000) in its pre-Series A round of funding from a group of investors. This funding round is an addition to the earlier pre-Series A funding raised by the company in December 2016.
With this new capital coming in, the total amount of external funding raised by the company now stands at Rs 3.2 crore. The investors who participated in the round include existing investor GEMS Advisory and new investors Alok Mittal and Sachin Bhatia. Along with them, Anita Gupta, Alka Puri, and a few other high net-worth individuals also participated in the round.
The newly infused money will be used by the company to strengthen its business operations. The company is also aiming to touch a revenue run rate of Rs 3 crore annually and a gross transaction value of around Rs 50 crore. According to the company, within two years of its inception, TripShelf has achieved a GTV of Rs 36 crore and an annual revenue run rate of Rs 1.5 crore.
In a statement, Dhruv Gupta, co-founder of the startup, said, “This is the second time we have raised funds in pre-Series A round. It is a testimony to the immense faith several investors have shown in our startup. The earlier funds we raised in 2016 were being used to establish unit economics’ profitability, and to set up the talent pool. 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.”
TripShelf, run by TripShelf Technologies Pvt Ltd, was founded by Dhruv Gupta, Jai Raj Gupta, and Sukhmani Singh in April 2016. It allows users to compare prices and packages from various travel operators listed on the platform and then the user can book on the supplier’s website. The firm aggregates holiday packages by using artificial intelligence and machine learning.