Goomo Holdings, Mumbai and Singapore based company that owns Goomo, travel tech startup, has acquired a fund of $5 million from Emerging India.
Investor gets stake of the company
This funding round gives a majority of stake from the company to Emerging India. This is one of the biggest acquired funding by a startup in online travel space other than two other players: MakeMyTrip and Yatra.
Goomo was established in March of 2017, after the acquisition of Orbit Company and Leisure Tours in November of 2015.
Cheif executive at Goomo, Varun Gupta said that, “Goomo is being built ground up to be an omni-channel platform that will facilitate corporate and consumer travel bookings across online and offline channels”.
Funding will be completed in tranches
He also conveyed that money will be splurge in tranches, with this two year old start-up has consumed $25 million till date.
About Emerging India
Emerging India is basically a Mauritius based equity fund and is a developing stage investor that is interested in investment in niche of multiple asset classes such as credit strategies, long only equities, private equity, fixed income, fund of funds, etc.
Why investor invested in travel space
One of the representative said that, “The travel industry in India offers immense opportunities for growth and consolidation. Over the past 12 months we have built a great team with a strong foundation. We are excited about the growth prospects of the business and expect the team to create a great India-focused travel distribution business in the next 2-3 years”.
Investors move to online travel space
Investors have moved towards online travel space, with MakeMyTrip and Yatra that have raised a critical amount of funding, while investment has additionally kept sponsorship startup working in the sector.
Almost a month ago, MakeMyTrip announced that it had acquired a fund of $330 million in greatest funding round in the Indian online travel arena since the organization set its sights on acquisitions and fighting off deep pocketed contestants.
Yatra also acquired funds
Yatra raised $92.5 million funds in July last year after a reverse merger agreement with US-based , Nasdaq-listed acquisition company Terrapin 3 Acquisition. The entry into reverse merger paved way for a back-door listing on the tech-dominated platform.
Emerging India invests $50 million in Goomo
Other funding round in the same arena
Le Travenues Technology, a Gurgaon-based company that runs Ixigo, online travel search engine, had acquired a fund of $15 million in a series-B funding round driven by Chinese conglomerate Fosun International and Sequoia Capital.