Despite adverse market conditions, ITILITE has seen 5x growth since its Series B round in 2020, as businesses around the world rapidly shift to technology-driven travel and expense management solutions. With T&E digitization accelerating, ITILITE has flourished and powers over 500,000 users from over 300 companies across India and the United States today.
According to the founder and CEO of ITILITE Mayank Kukreja“People are back in the office and business travel is back in the conversation. Business travel bookings are on the rise and we’re seeing thousands of trips on our platform again, and that’s not new beginning. This round is a reaffirmation of the impact we are creating for our customers. We are delighted to have Tiger Global on our side and we will be aggressiveyou double 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 its go-to-market teams.
ITILITE provides a seamless T&E experience for companies ranging from Fortune 500 blue chips to tech-savvy 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 delivers 8x ROI for businesses.
Tiger Global Partner Griffin Schröder mentioned“We are thrilled to partner with ITILITE as it is reinventing business travel and expense management. Its integrated offering and easy-to-use system provide greater control and visibility of data, so it’s no surprise that we’re seeing strong user adoption in many geographies, including the United States.”
Anish KhadiyaFounder and CBO, ITILITE said“Over the past couple of years, large enterprises have accelerated their digital adoption, and T&E digitization is becoming increasingly unavoidable.” He added, “With ITILITE’s unique blend of enterprise-ready workflows, high-quality employee experience and technology-enabled customer support, we are increasingly becoming the platform of choice for large corporations. With the latest fundraiser, we will accelerate our travel go-to-market and deepen our relationships with large corporations.”
“We remain deeply impressed with the team’s capacity for innovation and execution. We are pleased to strengthen our partnership and continue to support their vision to transform T&E globally,” mentioned Vamsi Duvvouri , founder of Dharana Capital, a subsidiary of Vy Capital. Series A and B of ITILITE were co-led by Vy Capital. The global investment firm has a stellar portfolio of companies, including Reddit, Zomato and Urban Company, and recently launched Dharana Capital with an exclusive focus on technology investments in India and other emerging markets.
“ITILITE has demonstrated remarkable evolution and expansion over the past 5 years, and we have been privileged to witness their growth journey from the earliest days. They have combined a stellar product with meticulous execution, and have established as a leading player in the T&E Sector by India. With the recent renaissance in the travel industry, there is unprecedented interest in automating the T&E process more than ever before, and ITILITE is well positioned to meet this increased demand. We are thrilled to double our investment and welcome Tiger Global to our partnership!” commented Tarun Davda, Managing Director, Matrix India.
About ITILITE: Businesses around the world are using ITILITE to fully automate their travel and expense processes to increase efficiency, reduce costs by 30%, and optimize resources without compromising the experience and security of their customers. employees. ITILITE has launched the world’s first AI-powered virtual T&E consultant – Mastermind. Mastermind provides real-time, data-driven recommendations to optimize T&E spend and processes using AI and also accelerates the analytics journey of T&E programs 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 fintech sectors. Since 2001, Tiger Global has invested in hundreds of companies, including investments ranging from Series A to pre-IPO. The company aims to partner with dynamic entrepreneurs operating market-leading businesses in its core focus areas. Tiger Global’s investments include Patreon, AirBnB, Stripe, SVT Robotics, Meta (formerly Facebook), ClickUp, Brex, Peloton, LinkedIn, Flipkart and Toast.
About Dharana Capital: Dharana Capital is an investment firm that focuses exclusively on making concentrated investments in leading technology companies in India and other emerging markets. It is a subsidiary of Vy Capital which holds global technology investments in market leaders such as Reddit, Neuralink, Upgrade, Coalition, Zomato and Urban Company.
About Matrix: Founded in 2006, the company invests in companies targeting the Indian consumer and enterprise market at seed, start-up and early growth stages. Matrix India has invested in several market leading companies such as Whoa (mobility), Razorpay (Payments), Work (B2B trade, fintech), Five Star Business Financing (SME loans), Ola Electric (electric vehicles), DealShare (social commerce platform), living stanza (tech-enabled student housing platform), A map (mobile-first credit card), Country delight (D2C brand dairy & fresh products), GoKwik (e-commerce enabling platform), fresh captain (seafood market), Bijnis (B2B platform for factories), MoEngage (intelligent marketing cloud platform), Jupiter (retail neobank), mswipe (mobile point of sale), Zupee (leading skill-based game application), and Oxyzo (a provider of technology-based smart finance solutions) among others. Matrix India has consultancy offices in bangalore, delhiand Bombay. Matrix Partners has a global network of funds investing in the United States, Chinaand Indiawith about $5 billion under management. Further information is available at www.matrixpartners.in. To learn more about our investment philosophy and ideologies, check out the #MatrixMoments podcast series.