Business Travel and Expense Leader ITILITE Raises $29 Million in a Series C Round affirming that Corporate Travel is back with a vengeance. Tiger Global and existing investor Dharana Capital, led the round with Matrix Partners and Tenacity Ventures participating in this blockbuster Series C.
ITILITE has grown 500% since its Series B round in 2020, as organizations worldwide both return to travel and seek innovative and integrated travel and expense management. ITILITE empowers 500,000+ users globally across 300+ businesses ranging from Fortune 500 blue-chips to technology-forward startups, offering a seamless T&E experience. ITILITE’s digital T&E solution enables companies to optimize costs and radically improve user experience. Rated amongst top T&E solutions, ITILITE’s customers realize 800% ROI on their spend.
According to ITILITE Founder and CEO Mayank Kukreja, “People are back to offices and business travel is back in the conversation. Business Travel bookings are surging and we are witnessing thousands of trips happening on our platform; this is just a new beginning. This round is a reaffirmation of the impact we create for our customers. We are excited to have Tiger Global on our side and will aggressively double down on our momentum in the US market.” With the new round, the company will continue to invest more in product innovations, brand building, and scaling up its go-to-market teams.
Tiger Global Partner Griffin Schroeder said, “We are excited to partner with ITILITE as it reimagines business travel and expense management. Its integrated offering and easy-to-use system provides greater control and data visibility. It’s no surprise then that we are seeing strong user adoption in many geographies, including the US.”
ITILITE Founder and CBO, Anish Khadiya added, “In the last two years, companies have fast-tracked their digital adoption, and T&E digitization is increasingly a must-have.” He added, “With ITILITE’s unique blend of enterprise-ready workflows, high-quality employee experience, and tech-enabled customer support, we are increasingly becoming the platform of choice for large companies. With the latest fundraise, we will accelerate our go-to-market journey.”
“We remain deeply impressed by the innovation and execution capability of the team. We are happy to strengthen our partnership and continue supporting their vision to transform T&E globally,” said Vamsi Duvvuri, founder at Dharana Capital, an affiliate of Vy Capital. The global investment firm has a portfolio of stellar companies including Reddit, Upgrade, Zomato and Urban Company and has recently launched Dharana Capital with an exclusive focus on technology investments in emerging markets.
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