Trip Tap Toe raises fresh capital in exchange of 26% stake
Trip Tap Toe raises fresh capital in exchange of 26% stake To aggressively focus on user experience, travel technology, & content
Travel portal, Trip Tap Toe, achieved another milestone by raising fresh capital in exchange of 26% stake for an undisclosed amount. Mr. R.S Sharma, former Chairman and Managing Director of India’s premier national oil company — Oil and Natural Gas Corporation, invested for a strategic minority stake through his son Nayan Parashar. Nayan has a Masters Degree in Finance from the University of Nottingham and has worked with companies such as Ernst &Young and Citibank in the past. Mr. Sharma, who currently chairs the FICCI hydrocarbon committee and is also engaged as Senior Advisor by McKinsey & Company, saw huge potential in the Trip Tap Toe team, its expansion plans, business proposals and their newly launched Concierge App, the chat based travel assistant App.
The fresh round of capital in the business provides the management with significant gunpowder to create a larger sales team, initiate new marketing initiatives, invest in the mobile & web technology platform and hire the best talent in the industry. The company is well on track to achieve revenue of INR 80–100 million for FY17, thereby raising its business value in the range of INR 150–200 million. The association with Mr. Sharma adds great value and strength to the organization in the form of mentorship and the vast access to the corporate network to expand its B2B business.
Mohit Nichani, the financial advisor of the transaction said: “Trip Tap Toe has been steadily growing over the years at a healthy CAGR in the range of 60–70%, and with this transaction the company is expected to significantly improve its foray into the corporate travel segment and improve its technology platform. This seeding by an investor of high-repute also demonstrates the strength of the business model.”
Manuraj Singh Johar, Founder & CEO of Trip Tap Toe, says, “Every early stage venture hopes to raise capital and attain strategic assistance to take its product to the market. This investment will help us accelerate our efforts to reinforce our stature in the industry. This new partnership will help us improve our technology and bring to our customers improved flights & hotels booking experience on both mobile & web. We have also received an amazing response to our concierge App and hence very excited about the possibilities in the future.”
About Trip Tap Toe
Trip Tap Toe is an online platform to search, discover and book worldwide hotels, flights, curated itineraries and activities. TTT has global hotel inventory, consolidated from various suppliers and also from their own direct contracting with leading hotels worldwide. Similarly for flights, they part away their commissions as discounts to the end users through their online booking portal. They have a huge data of itineraries & activities on their portal. Users can search, customize & book them as per individual choice.
With the Trip Tap Toe Concierge App, on both Android & IOS, they have already captured the attention of the millennial traveler. It aims to complete the entire travel cycle of discovery- search — planning — comparisons — negotiations & booking through the chat based App. “Messaging & artificial intelligence are the next big things in travel. Although we are still sometime away from training bots to the best of their intelligence we cannot ignore them” Manuraj adds.