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isango! receives $8 Mn boost from Venture Capitalists
By siliconindia
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Bangalore: Ranjan Singh cofounded isango!, a provider of travel experiences on the internet has received $8 million in investment to fund its next stage of growth. The funding round is the first institutional round for the company, which was led by Spark Ventures.
isango! is building the largest repository of travel experiences and currently offers around 4,000 activities in nearly 60 countries. It works alongside travel companies, airlines, car rental firms, hotel groups and other portals that include Hertz, Yahoo, Teletext and WAYN.
Since its launch in 2006, isango's focus is on the consumer motivation behind travel, the destination experience or 'purpose' of the journey. Its aim is to provide both consumers and travel professionals with the most authoritative online resource for planning and booking unique travel experiences and activities.
The capital raised through this funding will be used to support the company through the next stage of its development and revenue ramp-up, including aggregating activity inventories, rolling-out its innovative booking platform with major distribution partners, and developing additional products and services.
Ranjan Singh, Co-Founder and CEO, isango!, said, "We have seen a very strong revenue growth since our launch and this latest round of funding gives us a platform from which to take the business to the next level."
Jay Patel, Executive Director, Spark Ventures said, "Travel has been one of the sectors most successfully transformed by the advent of the internet, with online ticket sales and hotel bookings now at around $650 billion annually. This combined with the growing demand from customers for holidays, which incorporate experiences and activities, have created a clear market opportunity for isango! We are backing an experienced and ambitious management team who we believe has the capability and drive to build a market leading business and to benefit from the explosive growth in this market."