HappyEasyGo, an online travel agency (OTA) platform launched in May 2017, has announced that it has raised an undisclosed amount in Series A+ round led by Korea Investment Partners (KIP).
Korea's Samsung, China's CITIC Capital, 10Fund, Zero2IPO Group, and other venture capital firms also participated in the round.
According to a report published by BCG and Google India, the country’s domestic travel market is on an acceleration path. Air travel is expected to grow to $30 billion while hotels to $13 billion, both by 2020.
With more people coming online, increasing smartphone penetration, and wide adoption of digital payments, the Indian travel market is poised for a big game.
With MakeMyTrip acquiring Goibibo last year, the OTA market was consolidating with two more players- Yatra and Cleartrip in the race.
Alibaba-backed Paytm has also been heavily investing in overall online travel segment.
HappyEasyGo, a little-known startup founded by Chinese and Indian entrepreneurs has left Paytm behind. HappyEasyGo claims to do about 180K to 200K flight tickets booking per month, compared to 100K to 120K by Paytm, according to people familiar with the company’s development.
The startup has been heavily investing in customer acquisition. It has given heavy cashback offers for App downloads and also allows users to directly transfer cashback amount to bank accounts. It plans to enable hotel booking in a month and aims to beat Yatra and Cleartrip in a year.