The online travel agency HappyEasyGo has closed Series B round funding. The amount has not been disclosed.
According to a 36Kr report, the existing investors such as South Korea-based Korea Investment Partners (KIP) and China-based 10 Fund participated in the round along with Homshin Partners, CITIC Capital and CV Capital.
Founded in 2017, HappyEasyGo has disrupted the Indian OTA market with its predatory pricing. The firm mainly targets the middle-class and business travellers in India, providing fight ticket and hotel reservation services.
According to the founder and CEO Boris Zha, HappyEasyGo now has 15 million registered users and a monthly GMV worth USD 30 million. The online travel market in India is expected to touch USD 13.6 billion by 2021, according to management consulting firm Praxis Global’s report in last April. The major competitors of HappyEasyGo includes MakeMyTrip, Yatra as well as ixigo.
Zha said HappyEasyGo charges less than its competitors. While other Indian OTAs purchase airline tickets directly from the airline companies, 90% of the tickets on HappyEasyGo are arranged by third-party travel agencies who get it for lower prices.
HappyEasyGo has introduced the NASDAQ listed star social e-commerce PDD’s group buying model in India. Users are eligible for a discount or cash backs if they share the link and invite more people to the platform. Zha said HappyEasyGo is the first investment Samsung has made globally. HappyEasyGo is listed on My Galaxy app.
HappyEasyGo launched the hotel booking service early this year. Zha Yanqiu said the company is cooperating with Fab Hotel (500 plus hotels across India) to provide lowest price for users.
Before HappyEasyGo, Zha founded another OTA in Shanghai back in 2012. The CMO of the company Gong Feng has more than 13 years of experience in airline industry. Other executives of the team used to work for Ctrip, MakeMyTrip, Yatra and Microsoft.