Today marks Vervotech’s 2nd foundation day. With the vision to organise world’s accommodation data, Vervotech has evolved to be one of the finest travel technology companies in just two years. Vervotech’s journey since the inception has been astounding. We have successfully made a mark in not only national but also international markets with clients in 10+ countries. This has been possible because of the collective efforts and contributions of our entire team. We also credit our success to our valued clients.
In honor of this occasion, lets throw it back to few of our key milestones amongst many since the beginning of our journey.
1. Recently, Vervotech competed and ranked 3rd in Travel Start-up Accelerator series organised by FICCI.
2. Vervotech was recognized as one of the top 10 innovators of 2020 by PhocusWire powered by PhocusWright. https://www.phocuswire.com/Travel-Technology-Europe-2020-innovators-Battleground
3. Irrespective of a worldwide pandemic, we managed to sign 18 new Clients in the past year. We signed up with 1 Travel Technology Partner and 1 hotel supplier as a distributor partner as well.
4. Our product recurring revenue has grown by 746% since our last foundation day.
5. Our product’s Hotel Mapping percentage achieved a new height of more than 98% mappings across all suppliers making Vervotech Mappings one of the best hotel mapping platform in the market.
6. We successfully launched Room mapping earlier this year.
7. Vervotech was featured on numerous media platforms including Yourstory, Travtalk, tourismbreakingnews, traveldailynews.com, and more.
8. We accomplished financial stability with breakeven making Vervotech a profitable company in the last quarter.
And many more.
“Transforming ourselves into a profitable company was a major goal for us last year. We have planned to invest all the profits back into the business for growth and we will scale as a bootstrapped company next year”, said Dharmendra Ladi, Co-Founder & CTO at Vervotech. “And yes, we are currently not seeking funds in the upcoming year either”, he added.
Josh Waitzkin once said “The key to pursuing excellence is to embrace an organic, long-term learning process, and not to live in a shell of static, safe mediocrity” and we could not agree more. The past two years have surely been a learning experience for us and the 3 most important takeaways from that process were:
1. Focus is the key to success. Saying no to unaligned opportunities is more important than saying yes to right ones.
2. The pandemic taught us to be more disciplined about our finances and that is the reason we are now prepared for such disturbances henceforth.
3. Annual payments are more suitable for SaaS startups during the scaling phase. It generates a better cash flow and the process of payment collection is easier. Therefore, we are now aligning our focus on annual payments.
These learnings have articulated our decisions and priorities in regard to the direction we are moving forward as a company. Our future roadmap to success includes the following priorities:
1. Business growth:
Our key focus is to partner with major Travel Technology Companies & Suppliers in each region across the globe in order to scale.
2. Hotel Mapping & Room Mapping:
We are preparing to build more and more self service capabilities for customers and partners which will reduce the onboarding time significantly.
3. Beyond Mapping:
Our goal is to improve content offered by Vervotech Mappings even further with more data in addition to current offerings.
4. Building the team:
Our current team has done a great job in building and validating the product. We need to add some key roles to the team especially on partnerships and customer success side to scale better.
“Last year, our focus was on winning large travel businesses with inhouse technology teams. Since we have acquired ample amount of large customers across the globe, working with Travel Technology Companies and Hotel Suppliers is an essential part of our new plan to scale our business from here.”, said Marvel Puri, VP – Business Development. “We recently entered into a platform partnership with Qtech Software making it a firm first step towards that goal” he added.
We as a company are succeeding and raising the bar for ourselves with constant hardwork.
It has been an amazing two years filled with accomplishments and success. And guess what? We are just getting started. Here’s to many more. Happy 2nd foundation day to everyone associated with Vervotech. We truly appreciate you.
Here is a look at what our clients have to say on this occasion:
Vervotech, SaaS Company, founded by a team of passionate entrepreneurs in 2018 with the vision to organise all accommodation data in the world with 100% accuracy and completeness by using large scale aggregation, AI-based processing, and ever-evolving ML models.