In-destination platform Guiddoo raises $300K in pre-Series A funding
Guiddoo, a growing in-destination brand, has announced that it has raised funding of $300,000 in its Pre-Series A round from existing investors Pawan Borle and Nirmal Singh.
New investor, who participated in the current round, include Manish Prasad, Vineet Varma, Nick Haulkoury, and Abhai S. Rao.
The company says that it will utilize the funds to support product and technology development through their newly opened Technology & Data Unit based in Pune as well as focus on building Pan-India Distribution for its Tours & Activities & Holidays products.
Mr. Vineet Budki, Co-Founder and CEO, Guiddoo, commented,
Guiddoo has seen a strong 12X growth in the past 1-year post its pivot into the In-Destination Experience Model which is an estimated market of $20Bn annually. With further strong growth projected, we believe the required funds will help us become a significant player in the Indian Outbound Traveler segment, where our focus is to provide great new experiences with an assurance of service quality to Indian Outbound Travelers through extensive use of technology and ground relationships.
Manish Prasad, who participated in the current funding round, said,
I am delighted to be part of the new investors in Guiddoo and impressed by the exponential strides they have made in the holidays as well as tours and activities space. I have been part of the Guiddoo journey from the start and I believe what is interesting is Guiddoo’s phenomenal growth in terms of revenue as well as loyalty it commands with its partners due to the uniqueness and consistency of experiences it provides. In my opinion, the India Outbound Travel space holds tremendous promise and I am confident the Guiddoo Team has the required intent and expertise to be a leader in the same.
Guiddoo offers unique and targeted experiences with content across 15 destinations that is available to Indian International Travelers through institutional partners like Cleartrip and Yatra, over 2000 Travel Agent Partners as well as its Web and Mobile Products.
The company claims to have already handled over 10,000 customers with 40,000+ activities in the past year across its destinations. This has resulted in Guiddoo seeing a 12X growth in revenue in the last year and is forecasting another 10X in sales turnover in the next 12 months.
Since it is a selective aggregator that has strong ground control leading to unique and consistent experiences bringing a high level of assurance to a traveler’s trip.
Founded in 2014 by Nidhi Varma, Vineet Budki, Prashant Choudhary and Biswajeet Karmakar, Guiddoo was started as a tour guiding app but pivoted last year into an In-Destination platform offering tours & activities, dining, shopping and entertainment options for the Indian International Traveler.