findmyfare.com flies high with $ 2 m investment by Ironwood Capital Partners

Friday, 28 September 2018 00:00 - - {{hitsCtrl.values.hits}}

findmyfare.com, Sri Lanka’s largest and fastest growing online travel company, is flying high with the recent news of their raising series B funding from Ironwood Capital Partners.

The Company serves as a one-stop travel shop, offering its customers the very best deals available in the marketplace on hotel stays across Sri Lanka and flights to destinations around the world. findmyfare.com was the brainchild of Abishek Sithampalam and Thushan Shanmugarajah, two young entrepreneurs who set their mind to starting an e-commerce business from the time they were university students.

In 2012, they began their journey with a very small investment and a group of friends as staff. Whilst they themselves remain understated, their Company has taken the local travel industry by storm, growing at a compounded annual growth rate in excess of 70% over the past three years.

findmyfare has now surpassed several of the mainstays in this established industry by achieving an annual gross booking value of Rs. 3.2 billion in the fiscal year ended March 2018.

In addition, the Company has quoted over 300 million online fares last year, with 500k+ monthly flight searches and 100k subscribed customers on their website.

The significant investment that they recently raised will help further accelerate findmyfare’s rapid ascent to the No. 1 market position in the Sri Lanka travel bookings sector. The collaboration does not disclose the stake value of the investor but it is confirmed that the Company plans to utilise the capital to further enhance its travel mobile app, improve the flight search algorithm, increase the number of airline partners, including low cost flight carriers, and invest in further hotel booking options.

Commenting on the Company’s latest deal, findmyfare.com Co-Founder/CEO Thushan Shanmugarajah stated: “When Abishek and I started findmyfare, we aspired to transform the industry. We strive every day to fulfil that promise by providing outstanding customer service and continuously innovating and improving our products. Today, with this new investment, we are in a position to achieve that dream.”

Co-Founder/Director Abishek Sithampalam added: “We were fortunate to attract excellent partners that invested in us thus far, including Guardian Capital and Jafferjee Brothers. We are now excited that a reputed investor such as Ironwood Capital Partners foresees the potential we have and has decided to invest in us.”

Ironwood Capital Partners is a Private Equity Fund Manager set up to manage dedicated country funds for Sri Lanka. Ironwood Capital Partners assists companies such as findmyfare to unlock growth potential through leveraging their managerial, operational and strategic know-how along with providing access to international networks.

Ironwood Capital Partners Managing Partner Hiran Embuldeniya said: “Abishek and Thushan are two dynamic young entrepreneurs that launched one of the most exciting start-ups in Sri Lanka. They are incredibly committed to the business and are focused on finding ways to innovate and succeed in the travel space. We have to support more young people like this for the future of the country.”