Guiddoo, a travel technology startup for in-destination experiences has secured an undisclosed amount of funding from SOSV – a global venture capital firm based in New Jersey and Artesian China fund to build its products and offerings for the China market.
According to a recent report by McKinsey, China has pipped US to become the largest outbound market in the world and will continue to consolidate its leadership position with 160Mn outbound travellers by 2020.
The funds will be utilised to expand Guiddoo’s footprint in China and to strengthen its on ground operations and product development. Guiddoo also plans to add new destinations in Middle East and Africa into its portfolio to a take a distinguishing space in the Chinese Market. As an aggregator, the firm will also focus on adding independent Chinese travel Service Providers into the loop.
Vineet Budki, Co-Founder & CEO at Guiddoo said, “Going forward, China is a potential market for us, and this investment will give us the wings to fly higher. We are delighted to have secured funding as well as a strong partner in China this time around that will help us expand our reach, acquire the right talent and augment our portfolio in the China market. We are motivated more than ever to build a robust product and extend the best services possible to our consumers.”
“We are excited to partner with Guiddoo in their endeavour to bring world class search experiences to travel enthusiasts, having a digital presence here in China. With requisite infrastructure and support, the travel sector is well-poised for growth and with Guiddoo’s expertise in the ‘In-destination’ segment, we are confident of successfully reaping the opportunity. We have full faith in the capabilities of the team and look forward to achieving new milestones with them,” said William Bao Bean, General Partner, SOSV.
Oscar, MD, Chinaccelerator said, “Guiddoo brings the best-in-class, digital, in-destination experiences for the independent Chinese travellers, which we believe is a growth segment as group tours are so old school. Having seen the strong growth in the travel segment especially seeing the growth of CTrip, Qunar and Mafengo, we see a huge growth potential in the outbound Chinese travel market and we believe that Guiddoo has the right product, team and expertise to build a strong base here.”
Incepted in 2013, Guiddoo currently offers its services across 15 international destinations and works with over 4000+ travel agents in India and also has institutional partners including Cleartrip and Yatra for their activities. In 2017, Guiddoo raised $300,000 (Rs. 1.9 crore) and a second round of funding in December 2018 of $ 800,000 (Rs. 6 crore) in a pre-Series A round from global investors.