TravelTriangle, an holiday travel marketplace, today announced that it has raised INR 78 crore ($12 million) Series C funding, led by Fundamentum, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal.

Existing investors SAIF Partners, Bessemer Venture Partners, RB investments and a clutch of angel investors also participated.

The funds will be used to invest in building technology that further strengthens the customer interaction layer using artificial intelligence and machine learning, while the data analytics will help build a recommendation engine. The company will also expand to newer destinations and invest in brand building.

This is the first investment by Fundamentum and its Partner Ashish Kumar will join the TravelTriangle board.

Founded in 2011 by Sankalp Agarwal, Sanchit Garg and Prabhat Gupta, TravelTriangle enables users to book travel and tour packages in India. It claims it currently gets a monthly traffic of 2.5 million and has close to 700 active travel agents operating through the platform.

According to experts, the Indian holiday market is a $10 billion opportunity, and is stated to become $30 billion in the next five to six years. This growth is largely driven by independent travellers wanting to travel overseas/domestic as a couple, family or individuals and this is the segment that TravelTriangle has focused on, to rapidly scale and attain market leadership.

Sankalp Agarwal, Co-founder & CEO, TravelTriangle, said, “The vision of the company is to encompass all the components of online holiday eco-system and be the one-stop solution for the traveler. We are continually growing and have been the fastest growing holiday player with the highest NPS (Net Promoter Score). To win the confidence of pedigreed entrepreneur investors like Nandan and Sanjeev is a great validation of our journey thus far. Our success up till now has been the effort of our super motivated and diligent team.”

Having already raised close to a cumulative funding of $20 million from SAIF Partners, Bessemer Venture Partners and RB Investments put together, the company has achieved operating profitability, and on track to become EBITDA profitable by next year.

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Startup Voonik Technologies Pvt. Ltd, owner of the Voonik fashion app, has raised $6 million (Rs40 crore) from Singapore-based RB Investments and existing investor Sequoia Capital, two people aware of the development said.

The latest round is a follow-on to its Series B round of $20 million in July, led by Sequoia Capital, said one of the two people cited above, requesting anonymity. Other investors in Voonik’s previous round included Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Freecharge’s Kunal Shah.

“RB Investments has invested close to $4 million in this round, while existing investor Sequoia has put in around $2 million,” said the first person. The funds will be utilized to scale up its men’s and premium segments, which were launched last year, he added.

The company had raised a $5 million Series A round of funding from Sequoia India and early-stage investment fund Seedfund in 2015.

Sequoia Capital declined to comment. Emails sent to Sujayath Ali, founder of Voonik, did not elicit any response. Emails sent to RB Investments too went unanswered.

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The company competes with social commerce fashion portal Limeroad, besides larger rivals Myntra, Jabong, Amazon, Flipkart and Snapdeal. E-commerce sales in India are expected to grow from $14 billion in 2015 to $55 billion in 2018, according to a report in December 2015 by marketing research firm eMarketer.

The company runs a lean marketplace business where it operates without inventory and fulfilment centres.

In June last year, Voonik announced the acquisition of three startups in the fashion space—Zohraa, Styl and Picksilk—to enter the premium e-commerce segment. The company did not disclose the size of the deals, which were acqui-hires.

Before these, Voonik also acqui-hired TrialKart, Getsy and a team from apparel rental startup Klozee.

RB Investments is the investment arm of Singapore-based entrepreneur Rajesh Bothra, who runs an IT distribution company Kobian Pte Ltd. Kobian sells computer components, peripherals and lifestyle products under the Mercury brand.

The Singapore-based venture capital firm has made more than a dozen investments in India so far. Some of its recent investments in India include food-tech startup Swiggy, tech-enabled hotel chain FabHotels.com, online jewellery retailer Bluestone.com, online retailer of branded Indian food products Delight Foods, online furniture startup CapriCoast.com and laundry services start-up 5-a-sec.

Earlier this week, Holiday Triangle Travel Pvt. Ltd, which operates TravelTriangle.com, announced that it has raised $10 million in a Series B round led by RB Investments. In June, RB Investments led a $6 million round in PrettySecrets.com, a Mumbai-based online lingerie platform.

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