B2B global travel platform TravClan has announced that it has raised $4.7m in its extended pre-Series A funding round, having raised $2.2m in July 2021 from of TheVentures and Leo Capital. The new investment was led by Hashed Emergent Fund and world-renowned angel investors. Leading angel investors in TravClan include Nick Talwar (CEO of Circle Up), Aayush Phumbra (former co-founder of Chegg), Travis Katz (former co-founder of Trip.com), Pritesh Gupta (former co-founder of Zipgo) and Vikram Chopra and Mehul Agrawal (co-founders of Cars24).
Speaking about this, Arun Bagaria, co-founder and CEO of TravClan, said, “Offline travel agents sell over $500 billion worth of travel every year. COVID has accelerated the need and demand for travel agents to digitize their operations. Our platform enables travel agencies to rebuild their business faster and earn a better living by generating more demand. The additional capital raised in the three months following the previous cycle allows us to double our investments in products and technology as we plan to rapidly multiply by 10 next year.
TravClan has expanded its physical presence to 8 cities in India, Dubai and Singapore and plans to launch operations in the US and South East over the next 12 months. Despite the devastating impact of COVID on the travel industry, TravClan grew nearly 20x during the pandemic and is on track to record a $100 million GMV run rate this quarter with a positive contribution margin.
TravClan was co-founded by Arun Bagaria, Chirag Agrawal, Ashish Thapliyal in October 2018.
Tak Lee, Hashed Emergent Fund, said, “Payments and trust in the travel ecosystem is an important issue that is addressed by TravClan. We are excited about the team’s vision to build a payment network potentially using blockchain, saving millions of dollars in fees and building trust in the ecosystem.
Hashed Emergent is a new fund focused on deployed emerging economies that is one of the largest web3 funds in the world and has invested in marquee projects such as Terra Money, Axie Infinity, Cosmos, DYDX, The Sandbox and more.
What does TravClan do?
TravClan’s solutions enable travel entrepreneurs to grow their travel business by setting up their websites online in 30 seconds and selling products digitally, it said in a statement.
The company also provides marketing tools that enable its users to generate more demand from social media and earn more profits by booking flights, hotels, vacations with suppliers around the world at the best B2B prices on its platform. TravClan’s platform bridges the gap in finding reliable on-the-ground vendors and cost-effective payment and credit solutions, the statement adds.
TravClan’s vision is to enable global travel SMBs to grow their business and create a trusted travel ecosystem and enable GMV of over $10 billion by 2025.
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Posted: Thursday April 28th 2022, 7:33 PM IST