Itilite raises $29M for business travel and expense solution

ITILITYa startup that provides solutions to automate travel and business expense processes and reduce costs, raised $29m in Series C funding.

The investment was led by Tiger Global and existing investor Dharana Capital with participation from Matrix Partners and Tenacity Ventures.

Itilite, its business has grown 500% since its $13 million Series B round in 2020, and it now says it works with more than 300 companies globally.

Founded in 2017, Itilite’s solutions include an AI-powered virtual travel and expense consultant called “Mastermind” that provides recommendations on how to optimize spending when users are in the flow of reservation.

“People are back in the office and business travel is back in the conversation. Business travel bookings are increasing and we are seeing thousands of trips on our platform; This is just a fresh start says Mayank Kukreja, Founder and CEO of Itilite.

“This round is a reaffirmation of the impact we are creating for our customers. We are delighted to have Tiger Global on our side and will aggressively double our momentum in the US market.

The company will use the funding for “product innovations, brand building and scaling its go-to-market teams.”