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Travel-tech startup Spotnana raises $75 million in Series B funding 

Earlier, in September 2021, the company had raised $34 million in series A funding, co-led by ICONIQ and Madrona Venture Group with participation from Decibel and Mubadala Capital.

July 26, 2022 / 03:29 PM IST
Spotnana co-founders  Sarosh Waghmar and Shikhar Agarwal. (Image Credit: Decibel VC)

Spotnana co-founders Sarosh Waghmar and Shikhar Agarwal. (Image Credit: Decibel VC)

Cloud-based travel technology startup Spotnana raised $75 million in series B funding led by a growth capital investment firm, Durable Capital Partners, with participation from existing investors Mubadala Capital and Blank Ventures, among others.

The company, in a statement on July 26, said it will use the new funding to accelerate hiring and drive faster adoption of its travel-as-a-service platform. Spotnana, however, did not disclose the valuation at which it raised the current round.

Founded in 2019 by Sarosh Waghmar and Shikhar Agarwal, Spotnana is a software-as-a-service platform for travel buyers and suppliers, providing travel inventory from global sources for ease of travel management.

“It is our mission to rebuild the infrastructure of the travel industry in order to bring freedom, simplicity, and trust to travellers,” said Waghmar, who is also the chief executive officer (CEO). “To support our explosive growth, over the next year we expect to more than double our employee base again,” he added.

Spotnana said its employee base has more than doubled in the past year, and currently stands at over 200. Headquartered in New York, Spotnana has its majority of the workforce operating out of offices in Bengaluru, Pune, and Mumbai.

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Agarwal, who is also the chief technology officer (CTO), added that the company is bringing engineers from technology leaders like Microsoft and Google to build a new high-performance infrastructure for travel that leverages massive data volumes and artificial intelligence (AI) to support travellers.

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The company said its travel-as-a-Service platform includes everything from consumer-grade online booking tools to a new booking engine, mid-office replacement, a new system of record for booking travel, and new data integrations for travel inventory.

According to Spotnana, its travel-as-a-service platform provides a single cloud-based technology stack to corporations, travel management companies, suppliers, and technology providers. The company also said its new technology stack enables the travel industry to lower operating costs, accelerate innovation, and improve travel experiences.

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“Spotnana is accelerating innovation throughout the travel industry by enabling everyone to benefit from the power of cloud computing, microservices, an open platform, and open APIs (Application Programming Interface),” said Steve Singh, Managing Director at Madrona Venture Group and Executive Chairman at Spotnana.

Earlier, in September 2021, the company had raised $34 million in series A funding, co-led by ICONIQ and Madrona Venture Group, which have also invested in the current round, with participation from Decibel and Mubadala Capital.

Before that, the company also had an undisclosed $7 million seed round in 2020, also from ICONIQ and Madrona Venture Group including 8VC and Global Founders Capital.
Mansi Verma
first published: Jul 26, 2022 03:29 pm
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