Gobi Partners led this latest funding round for Holidayme, which is set to expand to Southeast Asia following the merger
Middle Eastern online travel agency Holidayme today announced its merger with its Malaysian counterpart, Tripfez.
In addition to the merger, Holidayme also announced that it has raised US$16 million in a Series C funding round led by Gobi Partners.
The funding round also included the participation of India-based Accel Partners, United Arab Emirates-based Global Ventures, Egypt-based Algebra Ventures, and Lebanon-based B&Y Venture Partners.
Following the merger, Holidayme is set to expand its business to the Southeast Asian region.
“After experiencing phenomenal growth in the Middle East, the merger with Tripfez marks an extension of our business into Southeast Asia. We are focused on providing a niche product carved towards the travel requirements of 1.8 billion Muslims globally, and Southeast Asia is key to that plan,” said Holidayme Co-Founder and CEO Geet Bhalla in a press statement.
The two companies are also working together to develop a “next generation” umrah solutions that will be launched in Malaysia and subsequently Indonesia.
Holidayme will also integrate Salam Standard, Tripfez’s rating system for Muslim-friendly establishments, into their platform.
Launched in November 2014, Holidayme aims to solve customer pain points that include inefficient booking process and the lack of dedicated platforms for Muslim-friendly holiday-packages and hotels.
The company said that it has a GMV growth rate of 127 per cent year-on-year, and a transactions growth rate of 163 per cent year-on-year.
Tripfez was launched in November 2016 to help Muslim travellers search and book accommodation that catered their religious and personal needs.
For Gobi Partners, the merger marked its second investment in the so-called TaqwaTech sector this year, after an investment into Sastaticket earlier this month.
The sector was one of the firm’s focus with its latest fund for Southeast Asia.
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Source: E27