Thursday, May 30, 2024

Etrav Tech Ltd. Secures USD 3.9 Mn Investment Led by EaseMyTrip, Expanding Horizons and Propelling Innovation in Travel Tech Industry

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Mr. Heniel Rupaarelia, Managing Director, Etrav Tech Ltd

Mumbai (Maharashtra) [India], April 12: Etrav Tech Ltd., headquartered in Mumbai, has recently secured a significant investment of $3.9 Mn (INR 33 Cr) in its second round of funding, led by EaseMyTrip. This strategic infusion of capital, spearheaded by EaseMyTrip, marks a pivotal moment for Etrav Tech, setting the stage for exponential growth and innovation.

Specializing in providing comprehensive travel services to B2B travel agents nationwide, Etrav Tech covers a wide array of offerings including air tickets, hotel bookings, holiday packages, visa services, travel insurance, car rentals, and bus tickets. With a robust clientele consisting of over 40,000 + travel agents, 600 + distributors, and 700 + API/white label clients, the company primarily generates revenue from air ticket sales.

Under Mr. Heniel Rupaarelia’s leadership, Etrav Tech has experienced exceptional revenue growth, exceeding 100% from FY 2021-22 to 2022-23. Recently, the company expanded its horizons by acquiring UAE’s Eagle Crest DMC, along with its subsidiaries in Thailand, Bali, and Vietnam. This strategic move aims to diversify Etrav’s portfolio and facilitate global expansion, thereby enhancing its market presence and contributing to industry growth.

Mr. Heniel Rupaarelia, the Managing Director of Etrav Tech Ltd., embarked on his entrepreneurial journey in 2017 with a travel agency, subsequently diversifying into travel distribution in 2018 by partnering with a leading OTA. Through these ventures, he gained profound insights into the intricacies of the travel industry. Amidst the challenges posed by the COVID-19 pandemic in 2020, he founded Etrav, leveraging his comprehensive understanding to address the needs of travel agents and overcome challenges, thereby demonstrating his commitment to innovation and adaptability.

The strategic utilization of the $3.9 Mn investment will play a pivotal role in fueling Etrav Tech’s ambitious expansion plans. The company aims to enhance its technological capabilities by investing in cutting-edge technology infrastructure to streamline processes and enhance the user experience for its clients. Additionally, it plans to diversify its product portfolio to offer a broader range of travel solutions, catering to the evolving needs of its clientele. Moreover, Etrav Tech intends to solidify its global presence by strengthening its foothold in key international markets, including Thailand, Bali, and Vietnam, following the recent acquisition of UAE’s Eagle Crest DMC.

Mr. Heniel Rupaarelia, the driving force behind Etrav Tech’s meteoric rise, expressed his excitement about the strategic investment, emphasizing the company’s commitment to driving innovation and delivering unparalleled value to its clients. He stated, “This investment marks a significant milestone in our journey towards reshaping the travel tech landscape. With EaseMyTrip’s support, we are well-positioned to unlock new opportunities, drive exponential growth, and redefine the travel experience for our clients globally.”

Delving into the specifics of the funding round, the investment will be allocated judiciously to fuel Etrav Tech’s ambitious growth trajectory. In the first round of funding in October 2023, the initial valuation was $69.78 Mn, with a post-valuation of $76.13 Mn and funds raised totalling $6.35 Mn from a diverse group of investors. In the second round, conducted in March 2024, the valuation remained at $76.13 Mn, with EaseMyTrip’s investment of $3.9 Mn for a 4.94% stake.

On the Funding, EaseMyTrip’s CEO and cofounder Nishant Pitti said in a statement, “We are aiming at diversifying our portfolio in the non-air segments. After investing in hotels, we now intend to enhance our services for our corporate clientele, and investment with ETrav Tech Limited will be pivotal in the same. Leveraging their tech capabilities and expertise in dealing with B2B clients, we are confident to service our clients better with improved offerings. Strategic decisions like this mark a milestone in our journey and fortify our commitment to providing seamless travel experiences for our customers, backed by innovation and technology.”

As Etrav Tech embarks on this transformative phase of growth under Mr. Heniel Rupaarelia’s visionary leadership, the company is poised to set new benchmarks in travel technology. With a steadfast commitment to innovation, customer-centricity, and strategic investments, Etrav Tech is primed to shape the future of the travel tech industry and deliver unparalleled value to its stakeholders, propelling itself to new heights of success and innovation.

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