From globalization of organizations, to surging income levels and drastic transformation in the way government authorities have enhanced regulatory support, business travel has gradually emerged as one of India’s fastest growing industries in recent years.
According to a recent report by consultancy KPMG and FCM Travel Solutions, India is now the world’s tenth largest business travel market and is likely to clock the fastest growth in this segment in the next five years. Business travel spending is also expected to treble until 2030 from $30 billion in 2015, the report states.
With this massive upsurge in the corporate travel market, a host of B2B travel startups are at the fore of keeping up with requirements of consumers through updated technology, availability of services and the latest in infrastructure. Bengaluru-based travel management startup, Itilite Technologies, is striving to provide business travellers with seamless booking experiences, and also creating memorable journeys in the process.
Itilite is a business-to-business Travel SaaS provider with end-to-end corporate travel management solution that promises to reduce cost by rewarding employees for saving on travel.
A lot of companies struggle with meeting employee expectations on business travel, coupled with prevention of a major escalation in travel costs. Here, Itilite’s approach rewards employees for travel savings, making them the biggest ambassadors of travel cost reduction. The platform provides better pre-travel booking experience using its dynamic travel policy integration, self-learning algorithms for trip planning, analytics dashboards for CFOs, personalized booking options that include multi-stop trips, and access to off-market rates. Post the trip, travellers are also provided with insights into their travel data and access to help them improve their travel program.
According to the company, this approach has helped Itilite’s customers lower travel cost by 30 per cent, while making employees happier.
Earlier this month, Itilite raised a seed round from Matrix Partners and some angel investors. While the size of the investment was not disclosed, the company plans to use the funds to expand sales operations.