Travelguru gets $15 million funding
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Travelguru, has received a fresh infusion of capital commitment to the tune of $15 million from US-based Battery Ventures and Sequoia Capital India.Sequoia had invested $10 million in the first round of funding for Travelguru. The second round of funding will help Travelguru in building retail initiatives to support online growth and support its plans for marketing and brand building in the coming months. Travelguru has access to more than 72,000 hotels worldwide and alliances with 500 airlines globally, services about 70,000 customers a month Travel portals see a huge potential for the online travel market which accounts for 60% of the entire e-commerce business transacted in India. Industry experts feel, the market, pegged at $300 million in 2005, will touch $2 billion in 2008.online travel agencies account for less than 5 per cent of the market currently, they are expected to double their share by 2008.
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