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 160Mn 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.”