HolidayIQ, the online travel and holiday information company based in Bangalore, has raised about Rs 26- Rs 30 cr from Tiger Global Management and Accel Partners, according to a new report. This is the third round of funding for the company which has de-merged from Singapore based travel search firm Wego, The Economic Times reported.
In 2010, HolidayIQ had merged with Wego, a travel meta-search startup based in Singapore. The combined entity had raised series B funding from Tiger Global, the New York based growth capital fund.
Accel Partners first invested in the company in 2006. HolidayIQ is not into ecommerce yet.
As the leisure travel industry grows, there has been lot of action in the sector. Last week, New Delhi based travel package site TravelMasti was acquired by Via. The company had raised funds from BCCL in 2007.
While a recent supreme court order which banned airline transaction fee will erode the margins of online travel agents, the industry as such is growing. Players like MakeMyTrip and Yatra have started diversifying into non flight business to decrease their dependency on flight business. Two months ago, Makemytrip acquired Thailands’ ITC group for $3.2 million and before that, it acquired the Hotel Travel Group for $25 million.