Trip Stories Private Limited, which operates luxury travel platform Voyaah, on Wednesday said it had raised $500,000 (around Rs 3.7 crore) as seed funding from Shashidhar Sinha, Principal CEO of IPG Mediabrands, the media holding company of the Interpublic Group of Companies.
The fresh funds will be used for expanding into newer areas, enhancing the product and technology in addition to hiring relevant talent, it said.
Founded in 2020 by Sharmistha Chakraborty, Voyaah targets affluent travellers with a holiday ticket size is around Rs 35,000 for two nights. The company also offers services to group travels and corporates, it has collaborated with the resorts, hotel chains, luxury boutique stays and has partnerships with CRED, Club Vistara and InterMiles.
Chakraborty is a former investment banker, her previous stints were in IIFL Wealth, Citi and ABN Amro Bank.
“Despite the pandemic looming large, we have recorded a significant growth in the recent months and this funding will further accelerate our efforts to expand into new markets and upgrade our offerings with digital technologies for enhancing customer experience," Chakraborty said
She added, “Our target is to grow the revenues at least 5x over the year.” In the last few months, Voyaah has curated several holidays for more than 15,000 happy travellers. After going digital, the organisation has been able to book around 28,000 room nights across destinations outside and within India.”
The global personalised travel and experiences market was valued at $91.2 billion in 2020 is estimated to reach $447.3 billion by 2030, at a compound annual growth rate (CAGR) of 17.8% from 2021 to 2030. according to a research report by research and markets.
Shashidhar Sinha, Principal CEO of IPG Media brands India said, “Given the huge opportunity in the experiential and luxury travel space, I believe in Voyaah’s potential and approach in delivering unique travel experiences to the niche, but growing market."
“After Covid, revenge tourism has struck the travel industry and given the unique travel experiences that Voyaah has to offer, the business has the first-mover advantage,” he added.