Vietnam's well-known hotel booking site Vntrip.vn has successfully raised funding from Switzerland-based IHAG Holding in a round that sees its valuation rise to $45 million.
This is the third round Vntrip.vn has called for capital successfully. One year ago, this startup also received an investment from Hendale Capital.
Le Dac Lam, co-founder and CEO of Vntrip.vn said, "We are delighted to partner with IHAG since their experience and support will help us confidently deploy more daring plans.”
Lam stressed that IHAG Holding’s investment will help Vntrip.vn increase its financial resources. As a result, this startup will focus on developing better pricing policies for customers, ensuring that customers will be offered the lowest hotel and airfare rates.
In addition, this is considered an opportunity for Vntrip.vn to approach companies leading in the area of global tourism.
IHAG Holding is known as Switzerland’s global investment group which has, for long, financed companies specialized in different fields in many countries.
One of the special members of IHAG Holding’s Board of Directors is Armin Meier, who is the former CEO of Kuoni, the world's leading tour operator with annual revenue of over $5 billion.
According to IHAG Holding, capital mobilization will establish a premise for this startup to grab a greater share in other sectors such as air ticket online booking, etc.
It is known that Vntrip.vn was founded by Le Dac Lam, a businessman of the 8X generation. The company was originally established based on the partnership with Booking.com, the world's largest online travel company which is valued at $65 billion.
After that, the startup partnered with Expedia, which is Booking.com's biggest competitor, to increase its room availability. Up to now, Vntrip.vn has built itself a network of over 10,000 hotels across the country.
In July 20, 2016, Vntrip.vn received a $3-million investment from Alibaba’s angel investors. One year later, Vntrip.vn received another investment of $10 million from foreign investment funds.
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