India-Based T&E Startup Itilite Scores $29M in Funding

Bengaluru-based travel and expense management platform Itilite has raised $29 million in its latest fundraising round, which the company plans to invest on building its brand, growing its go-to-market teams and product innovations, according to the company.

Itilite, which launched in 2017, already had raised $13 million in its most recent fundraising round in 2020. Since then, the company said it has seen its growth quintuple even during the Covid-19 pandemic. It currently reports 500,000 users from more than 300 companies in India and the United States and describes its customer base as “ranging from Fortune 500 blue-chip to technology-forward unicorns,” including biotech company Praj Industries and Toshiba.

Itilite—which offers features such as a trip-cost predictor, personalized booking options for travelers based on booking history and preferences and Mastermind, an AI-powered consulting tool—plans to “aggressively double down on our momentum in the India and U.S. markets” with the latest fundraising round, according to founder and CEO Mayank Kukreja.

The fundraising round was led by investment firms Tiger Global Management and Dharana Capital.

Michael B. Baker  www.businesstravelnews.com