NEW DELHI: Technology-focused venture capital firm IDG Ventures India has led a new round of funding in online travel community startup Tripoto, an investment that comes barely four months after it raised an angel round from a number of India's prominent entrepreneurs.
Apart from IDG Ventures, the new round has also seen participation from two high net-worth individuals. The company did not disclose their names, or the terms of the transaction. It is, however, believed that the investment round is just under $2 million (Rs 12.5 crore), and values Tripoto between Rs 15 crore and Rs 40 crore. Proceeds from the yet-undisclosed pre- Series A round of funding will be used by the Delhi-based startup to scale up its mobile platform, add to its team, as well as expand.
"We were highly impressed with Tripoto's dominance and rapid growth. Their mobile app usage and engagement has witnessed phenomenal growth since launch. The segment of travel content and community is certainly ripe for disruption as it hasn't seen true innovation in a few years," Karan Mohla, vicepresident, IDG Ventures, said.
Founded in August 2013 by Indian School of Business, Hyderabad alumni, Michael Lyngdoh and Anirudh Gupta, Tripoto provides a platform for travellers to share and discover itineraries and stories, plan their trips, upload travel photos and maps, write reviews and connect with like-minded travelers.
The startup claims to have about a million monthly users on its web and mobile platforms. "Mobile is one of the key focus areas for us in 2015. We will continue to scale up our community and make it more useful. We are also looking to acquire the best talent on both technology and creative team," Lyngdoh, cofounder of Tripoto, said.
The latest round of funding is preceded by the $400,000 raised by the company from a group of prominent entrepreneurs and investors, a list that includes Snapdeal co-founders Kunal Bahl and Rohit Bansal, Sachin Bhatia, co-founder of MakeMy-Trip.com and TrulyMadly.com and seed and early-stage investment firm Outbox Ventures.
Apart from new investors, some existing backers have also participated in the round. This is the second investment made by IDG Ventures India in as many weeks. Earlier this month, it co-invested Rs 8 crore in Bengaluru-based managed home rental marketplace NestAway Technologies, along with In-Mobi co-founder Naveen Tewari, and other angel investors.
The decision to open public consultations was made at this meeting, he said. "We are delighted to see tangible progress being made and are optimistic about reversing the exodus of technology startups over time," said Sharad Sharma, co-founder of iSpirt, which facilitated the interaction with Sebi and has been a vocal proponent for change in current regulatory norms.