With the funding, Itilite plans to increase its investment in product innovation and brand-building activities. Here are the top-line bullets you need to know.
Itilite, a corporate travel and expense (T&E) management solution, has raised $29M in a Series C. The round drew participation from Dharana Capital, Matrix Partners India, Tenacity Venture Capital, and Tiger Global Management.
How’s the company performing?
- India-based Itilite helps companies automate their travel and expense management processes and reduce overall spend.
- Its AI-based virtual T&E consultant, Mastermind, provides data-driven recommendations in real time.
- The company has grown by 5x since its Series B round in April 2020.
- More than 500K users and 300 firms across India and the US use Itilite — some of its clients include Automation Anywhere, Byjus, Swiggy, and Zetwerk.
- It integrates with enterprise systems such as Zoho, SAP, Netsuite, Okta, and quickbooks, among others.
Source: Itilite
Why does the market matter?
- The global business travel market is expected to reach a value of $2T by 2028, growing at a CAGR of 13.2%, according to Allied Analytics.
- The globalization of business operations and increased infrastructural investment have contributed to growth in this market.
- Post-pandemic recovery of the travel & tourism industry has increased the demand for business travel management solutions.
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