HolidayIQ, a portal offering reviews & information specifically about Travel has strategically alienated itself from Singapore-based Online Travel Agnecy (OTA) Wego. Furthermore, the company was able to do so with funding from existing investors Accel Partners and Tiger Global.
Though the exact fund value is not being openly disclosed, sources aware of the process have pegged the value at Rs. 30 Crores (US$ 5.5 Million). Coincidentally, this will be HolidayIQ’s third round of funding.
Two years after it had forged an alliance with Wego, HolidayIQ has chosen to go independent. Wego is a influential entity in the OTA game. With strong backend aggregation & innovative UI, it has been able to offer multiple competitive deals to similar destinations which has allowed it to gain worldwide traction. Wego & HolidayIQ both have similar VC firms supporting them. However, Accel Partners recently exited from Wego. Accel was interestingly, the first VC firm to have supported HolidayIQ way back in 2006.
Using the fresh round of funding, HolidayIQ has embarked on an independent journey of establishing a foothold within India’s emerging Online Holiday business confirmed Hari Nair, founder and CEO, HolidayIQ, “The fresh capital infused will be used for scaling up presence in India and for product development,”. After gaining traction internationally, Wego had launched India specific website only last year. Whereas HolidayIQ has been operational for more than 5 years & currently boasts of a visitor count exceeding 4.5 Million per month.
Offering usable information about travel destinations & service providers is indeed a sound business proposal. Have you given HolidayIQ a try? Do let us know if it has what it takes to continue its journey on its own.