GoFro receives $10 Million to keep on its journey
Bona Vita Technologies is the company that operates and owns GoFro, online holiday marketplace. It recently lifted almost $10 Million (Rs 64 Crore) in its 2nd round of equity funding, headed by HIS Co., the Japanese travel giant, and MakeMyTrip, largest online travel operator in India.
Earnings driven from the Series B, which is yet to be concluded and might reach $10 Million, will be utilized by the firm to additionally construct its tech platform and extend to new areas, along with developing its agent and supply network. “Given the association with HIS, one of leading travel firms in Japan, we anticipate to make an entry in the nation over the course of the upcoming 2 quarters. We are also calculating other global markets simultaneously,” CEO of Bona Vita, Amitabh Misra, claimed to the media in an interview.
The GoFro establisher claimed that the Series B round might extend more, given that the company is presently busy in talks with various sponsors, representing the potential new supporters might also be tactical in nature. “Given that we are seeking to develop, and shift into newer segments, we do lean more towards tactical sponsors who, we think, bring more to the company as compared to clean economic sponsors,” Misra further added to his statement. He, on the other hand, refused to offer additional details, mentioning privacy deals signed amid the parties.
Established in 2015 by Misra, after backing off as the Chief Technology Officer at Snapdeal, the online marketplace, GoFro purchased MakeMyTrip on board as its initial sponsor the same year. MakeMyTrip, which had spent almost $5 Million in the firm from its $15 Million Innovation Fund, grabs a managing share in the company.
As per Misra, GoFro presently posts gross payments of almost $1 Million each month with a payment volume of almost 1,000. The firm, which gets commissions on each booking made via its platform, operates with top travel operators in the nation, comprising Yatra, Thomas Cook, and MakeMyTrip.
The firm, which has over 100 workers with engineers making a noteworthy part of them, provides users travel destinations to more than 20 regions. As per an industry report rolled out last year by Aranca, the well-known research firm, tourism and travel market of India, comprising international and domestic inbound travel, was expected at $27.5 Billion in 2016. The data from the report was given by trusted sources with the deal of being unnamed.