[India] March 14 (ANI): Guiddoo, a travel technology start-up for in-destination experiences has secured an undisclosed amount of funding from SOSV - a leading global venture capital firm based in New Jersey and Artesian China fund to build its products and offerings for the China market.
Guiddoo currently offers its services across 15 international destinations and works with over 4000+ Travel Agents in India and also has institutional partners including Cleartrip and Yatra for their activities. In 2017, Guiddoo raised $300,000 (Rs 1.9 crore) and the second round of funding in December 2018 of $800,000 (Rs 6 crore) in a Pre-series around from global investors.
According to a recent report by McKinsey, China has pipped the US to become the largest outbound market in the world and will continue to consolidate its leadership position with 160 Mn outbound travellers by 2020. The funds will be utilized to expand Guiddoo's footprint in China and to strengthen it's on ground operations and product development. Guiddoo also plans to add new destinations in the Middle East and Africa into its portfolio to take a distinguishing space in the Chinese Market. As an aggregator, the firm will also focus on adding independent Chinese travel Service Providers into the loop.
"With rapid digitization and the subsequent rise of an experiential economy, there has been a fundamental shift in the consumer behaviour with them seeking novel experiences - such as travelling solo and to unknown destinations, as part of their travel. This has fueled the growth of in-destination segment and we see a huge potential in the same going forward", said Vineet Budki, Co-Founder and CEO at Guiddoo.
"China is a potential market for us, and this investment will give us the wings to fly higher. We are delighted to have secured funding as well as a strong partner in China this time around that will help us expand our reach, acquire the right talent and augment our portfolio in the China market. We are motivated more than ever to build a robust product and extend the best services possible to our consumers", he added.
"We are excited to partner with Guiddoo in their endeavour to bring world-class search experiences to travel enthusiasts, having a digital presence here in China. With requisite infrastructure and support, the travel sector is well-poised for growth and with Guiddoo's expertise in the 'In-destination' segment, we are confident of successfully reaping the opportunity. We have full faith in the capabilities of the team and look forward to achieving new milestones with them", said William Bao Bean, General Partner at SOSV.
"Guiddoo brings the best-in-class, digital, in-destination experiences for the independent Chinese travellers, which we believe is a growth segment as Group Tours are so Old School. Having seen the strong growth in the Travel Segment especially seeing the growth of CTrip, Qunar and Mafengo, we see a huge growth potential in the Outbound Chinese Travel Market and we believe that Guiddoo has the right product, team and expertise to build a strong base here", said Oscar (MD, Chinaccelerator).
Incepted in 2013, the startup has been actively helping travellers to provide seamless services so that they can enhance and enjoy their international leisure trips. Guiddoo offers an array of In-Destination services like Tours and Activities, Dining, Entertainment and Shopping as add-ons to the Indian and Chinese Outbound travellers and curates special packages for them based on their preferences and profile - which differ from global products in experience type, culinary habits, and prices among others. This story is provided by NewsVoir. (ANI)