Holiday Tribe raises seed funding of INR 54 million

Funding to strengthen technology integration
2024-10-07
/
/ New Delhi
Holiday Tribe raises seed funding of INR 54 million

Core team members of travel tech startup Holiday Tribe

Travel tech start-up Holiday Tribe has secured seed funding of INR 54 million for strengthening its technology integration.
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Holiday Tribe, a travel-tech startup says it has raised INR 54 million in seed funding in an investment round led by Powerhouse Ventures and GSF with participation from investors including Dinesh Agarwal and Dinesh Gulati of India Mart, Murugavel Janakiraman of BharatMatrimony and actor Gaurav Kapur.

In a press statement, Holiday Tribe says that the investment will be directed towards strengthening the brand’s tech capabilities, supply network and brand building initiatives. Headquartered in Gurgaon, Holiday Tribe was founded by ex-MakeMyTrip executives Anshu Sharma and Chirag Goyal in 2023.

“Travel witnessed significant growth in the post-Covid era. People want to holiday with family and loved ones, and explore newer destinations more than ever. Holiday Tribe was established to meet this growing demand while addressing a key market gap – the lack of accuracy and agility in curating customised solutions for customers. We continue to work towards narrowing this gap with the implementation of robust back-end technology to provide timely solutions, in line with customer preferences. This influx of capital will further our brand building efforts through better integration of latest technology, expanding our supply network and exploring newer destinations. We are excited to embark on this journey with our partners at Powerhouse Ventures and GSF, and are optimistic of emerging as a leisure travel partner of choice for avid travellers,” say Anshu Sharma and Chirag Goyal, co-founders of Holiday Tribe, in a joint statement.

The statement adds that Powerhouse Ventures is a Singapore-based VC fund with a focus on technology companies emerging from India and the United States.

“Partnering with Holiday Tribe has provided us an opportunity to foray into the dynamic category of travel and hospitality. With sound tech integration and optimal human intervention, the brand is poised to change leisure travel in India. Fuelled by the unwavering grit and vision of the brand’s founders, we look forward to driving operational excellence and customer success for Holiday Tribe,” says Kshitij Golwalkar, General Partner, Powerhouse Ventures.

“From the first time we met Anshu and Chirag, we understood this is a uniquely talented team who are bringing together their deep experience in the travel industry to build India’s leading customised holiday travel operator. Today’s holiday maker has unparalleled access to information on the latest trending experiences both in India and abroad, and expects a high degree of personalisation for their travels. Tailormade customer delight on every day of their trip – from flights and hotels to food and entertainment – has become the expectation that Holiday Tribe caters to,’’ says Rajesh Sawhney, Founder, GSF, an early stage venture capital firm.

The statement adds that Holiday Tribe has also been a part of GSF’s Founders Academy S23 cohort, which offers a three month mentorship programme for founders. The brand offers customisable holiday experiences across destinations, catering to family and friends, couples and honeymooners, adventure-seekers and to those looking to explore newer or unexplored destinations.

The statement adds that with an extensive supply network of more than 100,000 hotels across the globe and partnering with more than 10 tourism boards, the two co-founders are confident of the brand’s growth story. It says that 2024 has been the year of the travel boom with an unprecedented rise in the number of Indian travellers exploring destinations worldwide. According to a FICCI-Nangia knowledge paper, India’s outbound tourism market is expected to reach USD 18.81 billion in 2024 and grow at a CAGR of 11.4 pc in the decade between 2024 and 2034 to reach approximately USD 55.38 billion.

It adds that likewise, India’s online travel market is expected to grow at a CAGR of 10.5 pc between 2024-29, from USD 17.24 billion to USD 28.40 billion. As India’s travel narrative progresses, bolstered by visa exemptions and expanded international flight options, the outlook for 2024 is promising, with considerable potential for continued growth in both domestic and international tourism.

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