The investment will be directed towards strengthening the brand’s tech capabilities, supply network and brand building initiatives.
Travel-tech startup Holiday Tribe has raised INR 5.4cr in seed funding. The investment round was led by Powerhouse Ventures and GSF with participation from notable investors including Dinesh Agarwal and Dinesh Gulati of India Mart, Murugavel Janakiraman of BharatMatrimony.com and actor Gaurav Kapur. The investment will be directed towards strengthening the brand’s tech capabilities, supply network and brand building initiatives. Headquartered in Gurgaon, Holiday Tribe was founded by ex-MakeMyTrip executives Anshu Sharma and Chirag Goyal in 2023.
The brand offers customizable holiday experiences across destinations, catering to family and friends, couples and honeymooners, adventure-seekers and to those looking to explore newer or unexplored destinations. With an extensive supply network of more than 100,000 hotels across the globe and partnering with more than 10 tourism boards, Anshu and Chirag are confident of the brand’s growth story. 2024 has been the year of the travel boom with an unprecedented rise in the number of Indian travellers exploring destinations worldwide.
According to a FICCI-Nangia knowledge paper, India’s outbound tourism market is expected to reach US$ 18.81bn in 2024 and grow at a CAGR of 11.4% in the decade between 2024 and 2034 to reach approximately US$ 55.38 bn.
Likewise, India’s online travel market is expected to grow at a CAGR of 10.5% between 2024-29, from US $17.24bn to US$ 28.40bn. As India’s travel narrative progresses, bolstered by visa exemptions and expanded international flight options, the outlook for 2024 is promising, with considerable potential for continued growth in both domestic and international tourism.
Anshu Sharma and Chirag Goyal, co-founders of Holiday Tribe, said in a joint statement, “Travel witnessed significant growth in the post-Covid era. People want to holiday with family and loved ones, and explore newer destinations more than ever. Holiday Tribe was established to meet this growing demand while addressing a key market gap – the lack of accuracy and agility in curating customized solutions for customers. We continue to work towards narrowing this gap with the implementation of robust back-end technology to provide timely solutions, in line with customer preferences. This influx of capital will further our brand building efforts through better integration of latest technology, expanding our supply network and exploring newer destinations.”
Powerhouse Ventures is a Singapore-based VC fund with a focus on technology companies emerging from India and the US. Kshitij Golwalkar, General Partner, Powerhouse Ventures, said, “Partnering with Holiday Tribe has provided us an opportunity to foray into the dynamic category of travel and hospitality. With sound tech integration and optimal human intervention, the brand is poised to change leisure travel in India. Fuelled by the unwavering grit and vision of the brand’s founders, we look forward to driving operational excellence and customer success for Holiday Tribe.”
Rajesh Sawhney, Founder, at early-stage VC firm GSF added, “From the first time we met Anshu and Chirag, we understood this is a uniquely talented team who are bringing together their deep experience in the travel industry to build India’s leading customised holiday travel operator. Today’s holiday maker has unparalleled access to information on the latest trending experiences both in India and abroad and expects a high degree of personalisation for their travels. Tailormade customer delight on every day of their trip – from flights and hotels to food and entertainment – has become the expectation that Holiday Tribe caters to.”
Holiday Tribe has also been a part of GSF’s Founders Academy S23 cohort – a three-month mentorship program for founders.
