Travel search engine Wego raises $17 million

BANGALORE: Travel search engine Wego has raised $17 million (over Rs 100 crore) in third round of funding. Emerging markets focused investment firm Crescent Point led the round. Australia-based Victoria Capital also participated in this funding round along with existing investor Tiger Global.

The investment comes at a time when the online travel resource segment is seeing acquisitions internationally and in India.

Earlier this month, online travel planning site Tripadvisor bought out mobile application venture GateGuru, which provides real-time information on various travel-related topics like flights and weather.

Last week, ibibo Group, the India subsidiary of South African Internet group Naspers, acquired Indian online bus ticketing venture redBus for an undisclosed amount.

In 2010, Wego had merged with holiday information venture HolidayIQ. Subsequently, in 2012, Wego launched its Indian site and earlier this year demerged from HolidayIQ. The latter also raised an undisclosed amount of funding from Tiger Global and Accel Partners in February.

Wego plans to deploy the new funds for product development and to grow the team. The metasearch venture, which is based out of Singapore, has a presence in 52 markets Asia-Pacific and Middle East.