findmyfare.com attracts $2 m investment
View(s):findmyfare.com, Sri Lanka’s largest and fastest growing online travel company, has raised US$2 million from Ironwood Capital Partners through its recent series B funding offer.
findmyfare.com is 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, the company has taken the local travel industry by storm, growing at a compounded annual growth rate in excess of 70 per cent 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 a media release, commenting on the company’s latest deal, Mr. 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.”
Mr. Sithampalam – Co-Founder/Director, said, “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. 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”.