Online travel planning portal WeAreHolidays raised an undisclosed amount in funding from Matrix Partners and existing investors Blume Ventures and GSF Superangel Investors. The company said that the funds will be used to expand its technology and analytics expertise.
A Livemint report speculated that the investment is a typical Series A round of funding of about $3-6 million. WeAreHolidays co-founder and CEO Deepak Wadhwa told the publication that the funding would be used to improve the technology integration platform with their suppliers across destinations, and to improve the booking experience and options available to their customers. The company works with about 800 suppliers in 80 destinations around the world, the report claims.
WeAreHolidays was founded in 2011 by Wadhwa, Harkirat Singh and Mohit Piplani. In earlier avatars Wadhwa and Singh worked as product managers at MakeMyTrip. It offers travel guides and tour packages to destinations around the world. Each destination page provides an overview and lists packages, hotels, things to do, places to see, nearby getaways, and eateries.
WeAreHoldays’ average transaction value is Rs.2-3.5 lakh and 50,000 online transactions have been recorded on the site so far, according to the Livemint report. Apparently the company has earned $1 million revenue in 2013-14.
In June 2013, WeAreHolidays had raised an undisclosed sum of funding from Blume Ventures, Mumbai Angels, Sachin Bhatia, co-founder of MakeMyTrip and GSF India.
Funding in the online travel space
Online travel planner TripHobo raised an undisclosed amount of Series A investment from Kalaari Capital, in June this year. The funding was expected to be used to increase the number of itineraries and content for travel destinations on the platform.
In October 2013, travel planning website Mygola raised $1.5 million as Series A funding from Helion Venture Partners and existing investors Blumberg Capital. In the same month, social travel marketplace Touristlink raised an undisclosed amount of seed funding from the African accelerator 88mph.ac and a group of private investors.