Thrillophilia seems to have decent traction as per this report from Techcircle….Thrillophila doing 3 crores of revenue

The site indeed looks very well done and they have fantastic collection of short and long excursions.. But why did then only raise 1.25  crores of funding…. At a revenue of 3 crores, it should be valued at 15-20 crores atleast.. What is the interest of investor in holding less than 10%…??… Or is the valuation very less because bulk of revenues is coming from B2B…??