What does our Series C funding mean for you and us
– Mayank Kukreja , Co-Founder & CEO, ITILITE
We just announced that ITILITE has raised $29Mn in Series C round led by Tiger Global and Dharana Capital,with participation from Matrix Partners India and Tenacity Ventures. This is a big vote of trust towards our execution and our mission of simplifying business travel and expense reimbursements globally.
Funding rounds are a good milestone to step back and reflect on what got you here and to recommit towards the future vision. As we reflect on the last 2 years, the key theme which crossed our minds is:
“The best companies are formed in the worst times”
While we are aware that many giants like Microsoft, Google, Salesforce, Airbnb, Paypal and Cloudera faced some of the worst external conditions in their formative years, never in our wildest dreams did we think that we would witness this ourselves. The last 2 years have undoubtedly been the toughest times for business travel in the last century, if not ever.
This truly feels like the character- building period that has laid down the foundation for ITILITE as a lasting institution. The faith and resolve of itizens (thats what we are known as) ensured that we were never in the survival mode, but were always achieving new milestones.
Since our last fund raise, we have grown 5x. We launched pioneering products like ITILITE Expense and Mastermind, doubled down on security with ISO27001, SOC2 and PCI DSS L1 certifications and released 150+ major product improvements.
Our team is now 2.5 times larger than in April 2020 and is consistently punching above their weight. It is because of this aggressive growth that some of the biggest investors in the world continue to back us
We are humbled by the support we have received from our 300+ customers globally and are constantly pushed by them to be better everyday. Delivering the best for our customers guides our every action. So, here is a quick overview of what our customers can expect with this fund raise.
1. Faster innovation
We have always promised our customers that with ITILITE you don’t just get the best solution available today, but one that is quickly evolving and keeps you ahead of the curve on every aspect of T&E.
With this fund raise we will double down on our investments on research and development to enable faster product innovations.
2. Better employee experience
New trends are emerging with the reopening of the world and we are investing heavily to predict and serve the demands of travel and expense reimbursements in this new world.
While our products keep getting better, we have exciting things on our roadmap to continue delivering on our promise that enterprise products can be more snappier and intuitive than consumer products. We will continue raising the bar on the 7 star support our customers love us for, creating a truly end-to-end user experience.
3. Smarter analytics & control
With ITILITE, companies don’t have to choose between a great employee experience and strong controls for the organization. Our products like Mastermind have pushed the limit on what analytics mean in T&E.
We will further strengthen our workflow and analytics engine to serve the most complex needs of our enterprise customers while maintaining the simplicity appreciated by our fastest moving clients.
4. Deeper peer learning through community initiatives
Getting our customers together through initiatives like “Top Drawer Travel Talks” and “The Orange Hour” have been some of the most important learning moments for us as well as our customers. Deepening our community initiatives to help ignite ideas is going to be a big priority going forward.
5. A bigger A+ team to support you
Everything we have achieved is because of the creativity and drive of our A+ team. We continue to hire the the best minds across functions in the US and India and will double our team this year.
We are solving some of the most exciting problems in one of the largest industries in the world. If you know someone looking for a challenge or just want to chat about it, ping us at email@example.com.
Again, a big shout out to every member of our team who have brought us to this stage, and a renewed promise that we will continue to push the boundaries. We are on this epic mission to transform the T&E industry, and as we have always said about this journey:
“It is not going to be easy, but it’ll be worth it”