Travel meta-search engine Wego.com, run by Singapore-based Wego Pte Ltd, has raised $17 million in a Series C funding led by Crescent Point with contributions from Victoria Capital and existing investor Tiger Global. With this round, Wego has raised a total capital of US$36 million.
The company has said that Paul Bassat from Victoria Capital and a Crescent Point representative have joined Wego’s board of directors. The funds will be used to increase its product portfolio, expand its team and also fund marketing activities.
It is not clear if any portion of the funding would be used for India operations of the company, Wego India which was launched in May 2012. The portal allows users to search and compare flight and hotel fares and availability, both domestically and overseas.
Wego India allows users to access the portal in 11 Indian languages through a drop down menu at the top right corner. Supported languages include Bengali, Hindi, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Tamil and Telugu.
Series C aftermath of demerger?
It is worth noting that holiday information portal HolidayIQ.com, which had merged with Wego in 2010, had announced its demerger from the company in February 2013 and raised Series B funding for its demerged operations. The combined entity had previously raised a Series B round of funding led by Tiger Global.
Wego’s announcement of Series C funding right after the demerger makes us wonder if the funding is due to the demerger, in order to regain the investment (besides stock investments) made in HolidayIQ over the last two years. Based in Singapore, Wego claims to be active in 52 markets and available in 30 languages globally.
Other initiatives by Wego: In January 2013, Sulekha.com, a service marketplace site had partnered with Wego India to power their new service — travel.sulekha.com. Wego will provide a price comparison option for flight ticket and hotel booking for Sulekha, while rest of the content is managed by Sulekha.