Sri Lanka’s gets US$2mn from Ironwood Investment

ECONOMYNEXT – Ironwood Investment Holdings (Pvt) Ltd, a Colombo-based private investment company, has invested two million US dollars in the Sri Lankan online travel company,

A statement said the money will be used to further enhance its travel mobile app, improve the flight search algorithm, increase the number of airline partners including low cost flight carriers and invest in further hotel booking options.

It did not disclose the stake value of Ironwood Investment in the Series B financing, the second round of funding for a new firm that usually happens when the business has grown and reached certain milestones, resulting in a higher valuation.

Other investors in the online travel firm, which offers hotel stays across Sri Lanka and flights to destinations around the world, include Guardian Capital and Jafferjee Brothers.

“Findmyfare has now surpassed several of the mainstays in this established industry by achieving an annual Gross Booking Value of 3.2 billion rupees in the fiscal year ended March 2018,” the statement said.

“In addition, the company has quoted over 300 million online fares last year, with over 500,000 monthly flight searches and 100,000 subscribed customers on their website.”
(COLOMBO, 27 September, 2018)

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