ITILITE secures $29 Mn from Tiger Global, Dharana Capital and others
ITILITE, India’s fastest growing SaaS-based travel and expense management platform, announced its $29 Million Series C fundraise led by Tiger Global and Dharana Capital along with participation from existing investor Matrix Partners India and Tenacity Ventures.
Despite adverse market conditions, ITILITE has seen 5x growth since its Series B round in 2020, as companies worldwide are rapidly shifting to tech-first travel & expense management solutions. With the acceleration in T&E digitization, ITILITE has thrived and powers 500,000+ users from over 300 companies in India and the US today.
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 all over again, and 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 India and US markets.” With the new round, the company will continue to invest more in product innovations, brand building, and scaling up its go-to-market teams.
ITILITE offers a seamless T&E experience to companies ranging from Fortune 500 blue-chip to technology-forward unicorns including Automation Anywhere, Praj HiPurity, Page Industries, Byjus, Swiggy, and Zetwerk. ITILITE's digital T&E solution enables companies to improve the experience and optimize costs. Their top-rated platform enjoys high user satisfaction and offers 8x ROI to companies.
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.”
Anish Khadiya, Founder and CBO, ITILITE said, “In the last two years, large 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 and deepen our large company relationships.”
“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. ITILITE’s series A and series B rounds were co-led by Vy Capital. The global investment firm has a portfolio of stellar companies including Reddit, Zomato and Urban Company and has recently launched Dharana Capital with an exclusive focus on technology investments in India and other emerging markets.
“We have seen ITILITE demonstrate remarkable evolution and growth over the last 5 years. They have combined a stellar product with rigorous execution, and have therefore won a lot of admiration from their customers. With most companies back to the road, there is unprecedented interest in automating the T&E process. ITILITE is best positioned to lead this market. We are excited about the next phase of ITILITE’s growth and are doubling down on it" said Tarun Davda, Partner at Matrix Partners.