Mumbai-based smart travel platform Mihuru which lends money for air-travel has raised $150,000 (Rs 99.3 lakh) from a group of entrepreneurs and high net individuals. This was their first external round of funding. Mihuru did not disclose the name of the investors who backed the firm in their personal capacity.
The company is planning to use the fresh funds in expanding their reach to other travel verticals apart from flights. Shruti Mehrotra, the co-founder of the firm while speaking to VCcircle said that they will enrich their product and expand the team using the funding.
The company platform allows the users to pay only 20% of the flight cost unlike the other platforms such as MakeMyTrip, Cleartrip, Yatra, and Goibibo who have been dominating the section. The user can book the flight cost in advance whose remaining cost will be paid by Mihuru. The user needs to pay the amount before the flight.
Shruti Mehrotra and Jonathan Nunez Gonzalez had founded the firm in 2016 which allows the individuals to pay the flight cost in EMIs without the use of credit card. The company has been working on their own bootstrapped money.
Mihuru’s online process to allow the user to get access to the platform takes not more than 5 minutes where company evaluates the potential customers through a number of methods before accepting the offer of the individual.
“The funds will help to build a 360 degree travel fintech platform with multiple credit touch points across the travel journey, thereby addressing the unmet needs of travelers for credit and providing them the ability to split payment for their entire travel across months and different payment methods”, said Mehrotra while talking about the fundraising.