New Delhi: Hotel aggregator FindMyStay announced raising funds in its Pre-Series A round led by Indian Angel Network (IAN). The round was led by Rishi Parti and Yogesh Bansal.
“We believe that hotel booking is the fastest growing domain in travel as a category and FindMyStay has the right mix of ideas, execution, talent and leadership to disrupt this space. The company has already registered tremendous growth and traction,” said Rishi Parti.
The investment further validates the disruption that FindMyStay’s differentiated approach is creating in the online travel space. It helps customers to book hotels of their choice at the price they want to pay by connecting them in real-time with hotel partners who are looking to sell the inventory they foresee going unsold.
The company plans to leverage the raised capital towards product development, brand building and also enhancing its tech backbone. FindMyStay also aims to double its hotel partnerships and increase coverage of cities in its next phase of growth.
Hotel booking, the fastest growing sphere of the online travel domain, has recently seen a huge spurt in the number of suppliers.
The Indian online hotel booking market is estimated to reach 1.8 billion USD by end of 2016 in comparison to 0.8 billion USD in 2014.
However, out of the 59 percent internet audience who research online, only 29 percent book online.
“With an increased smartphone penetration and our strong technology team, we are extremely confident of delivering a large-scale world class experience not just on web but also on our iOS and Android apps. Our focus always has been to delight the customers with a great experience. With the new round of funding, we are now in a position to invest more into developing products and technology focusing on improving customer experience further,” said Co-Founder FindMyStay, Simran Sial.
“Differentiating your product and continuous innovation is the key in today’s world for any startup to be successful. I see huge amount value that can be added to not so perfect world that includes travel and leisure,” said Yogesh Bansal.
FindMyStay as of now has more than 2000 hotels on its platform across 35 plus Indian cities. It targets to double the count within the next 18-24 months.
Some of the key partners include the Lalit Group, The Park, Pride Group, Ginger Hotels, Oyo amongst others. (ANI)