March 13, 2019
Guiddoo, a Travel Technology Startup for in-destination experiences has secured an undisclosed amount of funding from SOSV – a leading global venture capital firm based in New Jersey and Artesian China fund to build its products and offerings for the China market. 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 & 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.
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 160 Mn outbound travelers by 2020. The funds will be utilized 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, “With rapid digitization and subsequent rise of an experiential economy, there has been a fundamental shift in the consumer behavior with them seeking novel experiences – such as travelling solo and to unknown destinations, as part of their travel. This has fueled the growth of in-destination segment and we see a huge potential in the same 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,” he added.
“We are excited to partner with Guiddoo in their endeavor 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 at SOSV.
Oscar (MD, Chinaccelerator) said, “Guiddoo brings the best-in-class, digital, in-destination experiences for the independent Chinese travelers, which we believe is a growth segment as Group Tours are so Old School. Having deen 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, the startup has been actively helping travelers to provide seamless services so that they can enhance and enjoy their international leisure trips. Guiddoo offers an array of In-Destination services like Tours and Activities, Dining, Entertainment and Shopping as add-ons to the Indian and Chinese Outbound travelers and curates special packages for them based on their preferences and profile – which are differ from global products in experience type, culinary habits, and prices among others.
Guiddoo World is a one-stop shop for in-destination experiences. With over 4000+ Travel agents, 5000+ excursions, 30000+ Customers Handled and 15 destinations, Guiddoo offers an array of services like Tours and Activities, Dining, Entertainment and Shopping as add-ons to the Indian Outbound travelers and curates special packages for them. It was established in June 2013 by Vineet, Nidhi, Prashant and Biswajeet in the form of an App only Audio Guiding Product from In5 Dubai, and later pivoted to the current tours and activities model in 2017.
About SOSV & Chinaccelerator
Chinaccelerator, the first startup accelerator to launch in China, is a mentorship-driven program helping internet startups from around the world cross borders – from the world into China and from China to the world. It is operated by the venture fund SOSV with $500M+ AUM operating six global accelerators. Chinaccelerator offers three months of rigorous guidance, training and resources from mentors, partners and investors. The robust and supportive alumni network continues beyond the Chinaccelerator program.
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