The Singapore-based travel company, Travelstop has obtained INR 20.66 Crore in a pre-Series A round, which was carried by VC company, Accel, according to a media report.
Other participants in the funding round include Strive (formerly known as GREE Ventures) and existing investor SeedPlus, the company said in its statement, as reported by the daily news, VC Circle.
As per the transaction, Prashanth Prakash, a partner of Accel India, will join the board of Travelstop.
The present funding round has taken place after almost 10 months when Travelstop had gathered $1.2 million in a seed funding round.
It will use the funds to invest in its technological infrastructure and accelerate the adoption of its services across Asia, Travelstop, operated by White Labs Pte. Ltd. told the daily news.
The companys mission is to redefine business travel, and that its services had been adopted by some of Asias fastest-growing brands, Co-founder and CEO of Accel, Prashant Kirtane told the daily news.
Apart from the investment, Travelstop also proclaimed to have partnered with Indonesia-based travel tech firm, Traveloka. Kirtane said this would allow the two to offer business travellers a comprehensive inventory, according to the cited reports.