Claymont, DL. – (work wire) – Business Travel and Expense Leader ITILITE raised $29 million in a Series C round confirming that corporate travel is back for a vengeance. Tiger Global and current investor Dharana Capital led the round with Matrix Partners and Tenacity Ventures participating in this mega series c.
ITILITE has grown 500% since its Series B tour in 2020, as organizations around the world return to travel and seek innovative, integrated travel and expense management. ITILITE empowers more than 500,000 users globally across more than 300 companies ranging from major Fortune 500 companies to technology-advanced startups, providing a seamless T&E experience. ITILITE’s digital T&E solution enables companies to optimize costs and radically improve user experience. Rated among the top T&E solutions, ITILITE customers achieve 800% ROI on their spend.
According to ITILITE Founder and CEO Mayank Kukreja, “People are back in offices and business travel is back in the conversation. Business trip bookings are skyrocketing and we are seeing thousands of flights on our platform; this is just a fresh start. This tour is a reaffirmation of the impact we are creating for our clients. We are excited to have Tiger Global on our side and we will aggressively double our market momentum. American”. With the new round, the company will continue to invest more in product innovations, brand building, and scaling the go-to-market teams.
Griffin Schroeder, global partner of Tiger said, “We are excited to partner with ITILITE as they reimagine business travel and expense management. Their integrated and easy-to-use platform provides greater control and data visibility. It is no surprise, then, that we are seeing strong user adoption in many geographies, including the United States.”
Anish Khadia, founder of ITILITE and CBO added, “In the past two years, companies have been fast-tracking their digital adoption, and digitizing T&E is increasingly becoming a necessity.” he added, “With ITILITE’s unique blend of enterprise-ready workflows, high-quality employee experience, and technology-backed customer support, we are increasingly becoming the platform of choice for large corporations. With the latest fundraising process, we will accelerate our journey to market.”
“We remain hugely impressed by the innovation and operational ability of the team. We are thrilled to strengthen our partnership and continue to support their vision of transforming T&E globally,” Vymsi Dhouri, founder of Dharana Capital, a subsidiary of Vy Capital said. The global investment firm owns a handful of premium companies including Reddit, Upgrade, Zomato and Urban Company and recently launched Dharana Capital with an exclusive focus on technology investments in emerging markets.
About useful: Companies around the world are using ITILITE to comprehensively automate travel and expense processes to increase efficiency, reduce costs by 30% and improve resources without compromising the experience and safety of their employees. ITILITE has launched the world’s first AI-powered virtual T&E advisor – Mastermind. Mastermind provides real-time, data-driven recommendations to improve T&E spending and operations using AI, and accelerates the T&E analysis journey without any reliance on human consultants.
About Tiger Global: Tiger Global Management is an investment firm focused on private and public companies in the Internet, software and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies, including investments ranging from Series A to pre-IPOs. The company aims to partner with dynamic entrepreneurs who run market leaders in their core focus areas. Tiger Global’s investments include Patreon, AirBnB, Stripe, SVT Robotics, Meta (formerly Facebook), ClickUp, Brex, Peloton, LinkedIn, Flipkart and Toast.
About Dhahranah Capital: Dharana Capital is an investment firm focused exclusively on making focused investments in category-defining technology companies in India and other emerging markets. It is an affiliate of Vy Capital with technology investments globally in market leaders such as Reddit, Neuralink, Coalition, Zomato and Urban Company.