Sequoia India invested $10 million in Bangalore-based online travel portal Via, formerly known as FlightRaja, VC Circle reports.
The Sequoia funding, which reportedly closed in December 2009, comes on top of $5 million in funding that Via previously raised from NEA-IndoUS Ventures.
Founded in 2006, Via says its “core business revolves around travel bookings along with value added products that will convenience the traveller and bring additional income to our Business Partners.”
Via’s business partners include travel agents, who reportedly process consumer bookings through Via.
The website says agents do not need IATA certifications to participate and can start selling within minutes after making an initial deposit. Here is the Via Agent registration form.
Via adds: “The company is also working closely with central government, state governments and many leading retail chains to power travel services for them. Via’s travel partners are spread across the globe.”
VC Circle reports: “Since 2006, travel portals such as Cleartrip, Yatra, Travelguru and Makemytrip have raised large rounds of funding. The industry went through a rough patch in 2008 on account of the slowdown and concerns over commission with aircraft carriers. But, OTAs have been able to build a scalable business model and have been able to prove the transactional abilities of the Indian masses over the internet. Some travel portals, who have now turned profitable, are also looking at the possibility of public offerings. This seems to have revived the investor interest in the sector.”
VIA is the Best !