India-based online travel agency Yatra.com gas secured Rs 1.4bn ($23m) in a round led by new investors IDG Ventures India, which operates as a subsidiary of media company IDG, and Vertex Venture Holdings, the Economic Times has reported.
IDG and Vertex, a subsidiary of the Singapore state-owned investment entity Temasek, were joined by existing backers including semiconductor maker Intel’s corporate venturing arm Intel Capital, Norwest Venture Partners, TV18 Group and Reliance Venture Asset Management.
“We have allocated about one-third of our second fund for investments in technology companies that are expanding and will offer a clear path to exit within three to four years,” Sudhir Sethi, managing director of IDG Ventures India, told ET. “Yatra is in this category.”
ET stated that Yatra has now raised about $125m in total funding since it was founded in 2006, and that the latest round values it at roughly $400m.