Matrix-backed ITILITE raises $29M Series C

April 14th, 2022. Bengaluru: ITILITE, India's fastest growing SaaS-based travel and expense management platform, announced a $29M Series C fundraise led by Tiger Global and Dharana Capital along with participation from existing investors Matrix Partners India and Tenacity Ventures.

Despite adverse market conditions, ITILITE has seen 5x growth since its Series B round in 2020, as companies worldwide are rapidly shifting to tech-first travel & expense management solutions. With the acceleration in T&E digitization, ITILITE has thrived and powers 500,000+ users from over 300 companies in India and the US today.

According to ITILITE Founder and CEO, Mayank Kukreja, "People are back to offices and business travel is back in the conversation. Business travel bookings are surging, and we are witnessing thousands of trips happening on our platform all over again, and this is just a new beginning. This round is a reaffirmation of the impact we create for our customers. We are excited to have Tiger Global on our side and will aggressively double down on our momentum in the India and US markets.' With the new round, the company will continue to invest more in product innovations, brand building, and scaling up its go-to-market teams.

ITILITE offers a seamless T&E experience to companies ranging from Fortune 500 blue-chip to technology-forward unicorns including Automation Anywhere, Praj HiPurity, Page Industries, Byjus, Swiggy, and Zetwerk. ITILITE's digital T&E solution enables companies to improve the experience and optimize costs. Their top-rated platform enjoys high user satisfaction and offers 8x ROI to companies.

Tiger Global, Partner, Griffin Schroeder said, "We are excited to partner with ITILITE as it reimagines business travel and expense management. Its integrated offering and easy-to-use system provides greater control and data visibility. It's no surprise then that we are seeing strong user adoption in many geographies, including the US.'

Anish Khadiya, Founder and CBO, ITILITE said, "In the last two years, large companies have fast-tracked their digital adoption, and T&E digitization is increasingly a must-have.' He added, "With ITILITE's unique blend of enterprise-ready workflows, high-quality employee experience, and tech-enabled customer support, we are increasingly becoming the platform of choice for large companies. With the latest fundraise, we will accelerate our go-to-market journey and deepen our large company relationships.'

"We remain deeply impressed by the innovation and execution capability of the team. We are happy to strengthen our partnership and continue supporting their vision to transform T&E globally,' said Vamsi Duvvuri, founder at Dharana Capital, an affiliate of Vy Capital.

"ITILITE has demonstrated remarkable evolution and expansion over the last 5 years, and we've been privileged to witness its growth journey from the early days. They have combined a stellar product with meticulous execution, and have established themselves as a leading player in the T&E sector in India. With the recent revival of the travel industry, there is unprecedented interest in automating the T&E process more than ever before, and ITILITE is well-positioned to cater to this increased demand. We are excited to double down on our investment and welcome Tiger Global to the partnership!' commented Tarun Davda, Managing Director, Matrix India.

About ITILITE:
Businesses worldwide use ITILITE to comprehensively automate their travel and expense processes to increase efficiency, reduce costs by 30% and optimize resources without compromising the experience and safety of their employees. ITILITE launched the world's first AI-powered virtual T&E consultant - Mastermind. Mastermind provides data-driven real-time recommendations to optimize T&E spending and processes using AI and also accelerates the journey of T&E program analysis without any reliance on human consultants.

About Tiger Global:
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included Patreon, AirBnB, Stripe, SVT Robotics, Meta (formerly Facebook), ClickUp, Brex, Peloton, LinkedIn, Flipkart, and Toast.

About Dharana Capital:
Dharana Capital is an investment firm with an exclusive focus on making concentrated investments into category-defining technology companies in India and other emerging markets. It is an affiliate of Vy Capital which has technology investments globally in market leaders such as Reddit, Neuralink, Upgrade, Coalition, Zomato and Urban Company.

About Matrix Partners India:
Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Razorpay (payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), DealShare (social commerce platform), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), GoKwik (e-commerce enablement platform), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), MoEngage (intelligent marketing cloud platform), Jupiter (consumer neobank), Mswipe (mobile POS), Zupee (leading skill-based gaming app), and Oxyzo (a tech-enabled smart financing solution provider) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.