The Level.Travel platform has a new large investor – the private equity fund Baring Vostok, which already works with leading Russian IT companies, in particular, Yandex, Ozon and 1C. The volume of investments amounted to $ 6 million.
Baring Vostok became a minority shareholder of Level.Travel, although the size of the stake was not disclosed. The main shareholders of the company are still its founders – Dmitry Malyutin, Ellin Tolstov, Pavel Glushenkov and Evgeny Ginzburg, as well as the Guard Capital fund.
The funds raised will be used to develop the platform and grow the business. “Among the promising areas is our own dynamic packaging technology, which can instantly form a package tour from a variety of flight options and hotels. This will allow Level.Travel to offer tourists more vacation destinations and the ability to create an individual tour with maximum flexibility, not being limited to the offers of classic tour operators, ”the Level.Travel press release says.
The company also plans to develop fintech products and develop a marketing campaign with the aim of increasing market share through the flow of audience from offline to online.
“In the new reality, after the pandemic, manufacturability in our market has become even more important, and I am glad that now we can invest even more in growth and strategic projects. We are ready to become the No. 1 player, and for this, in addition to the best technologies on the market, loyal tourists and an engaged team, we now have the support of a powerful, experienced investor specializing in the development of technology companies, ”noted Dmitry Malyutin, CEO and co-founder of Level.Travel…
Baring Vostok Partner Maxim Loginov, in turn, said that their company now sees an excellent investment opportunity in the traveltech market. He cited statistics from Ipsos Comcon, according to which 66% of Russians prefer to travel on tours, of which 80% are ready to choose tours online. “At the same time, the online share of the Russian travel market is only 7%, but this market is rapidly digitalizing. We are confident that Level.Travel, as the leader of this market with the most advanced technologies, will be on the crest of the transformation and further growth of the market, ”the expert concluded.
It’s no secret that the pandemic has accelerated the transition to online booking, and the popularity of aggregators is growing accordingly. “In 2019, online bookings accounted for less than half of all travel sales. Now our data shows that tourists book most of their travels via the Internet, ”she recently shared with Profi.Travel Senior Vice President Research and Product Strategies, Phocuswright Charuta Fadnis… “We expect the increase in the share of digital channels to continue in the long term, albeit at a more conventional pace,” she added.
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