Sri Lanka’s online travel company findmyfare raises USD2mn funding

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 market place 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 3 years. Findmyfare has now surpassed several of the mainstays in this established industry by achieving an annual Gross Booking Value of 3.2 billion rupees 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 utilize 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, Thushan Shanmugarajah - Co-Founder/CEO of findmyfare.com stated, “When Abishek and I started findmyfare, we aspired to transform the industry. We strive every day to fulfill 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.” Abishek Sithampalam - Co-Founder/Director, findmyfare.com 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 with 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. Hiran Embuldeniya - Managing Partner of Ironwood Capital Partners, 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 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”. (Media Release)