Indian online travel company, Smartairtrip.com, has raised US$10 million following the sale of a 10% stake in the company.
The online travel company, which forms part of Delhi-based Smart Trip Tour & Travels Pvt Ltd, said it will now use the extra funds to enhance its technology, expand its operations and develop new partnerships and marketing initiatives.
As a B2B channel, Smartairtrip.com currently has a membership base of 12,300 travel agents, but plans to increase this to more than 50,000. It offers 1.5% commissions on bookings. The company will also pre-purchase inventory of luxury hotels and promote these to the travel trade.
Smartairtrip.com is now planning to raise more funds through an initial public offering (IPO), as it goes public on the Bombay Stock Exchange. It then plans to list on the NASDAQ next year.