Savvymob, an online marketplace for last minute hotel bookings, has raised $1 million in its seed funding round, which was led by T V Mohandas Pai, along with the participation of LetsVenture, an online platform for fundraising.
The startup plans to use the fresh funding towards expansion of its operations to another 50 cities by the end of next year. It will also use the money to strengthen its technology team and improve its product.
Savvymob was founded in April 2014 by Bikram Sohal and Gappan Annamalai, SavvyMob is an on-demand mobile marketplace which offers unsold hotel inventory to last minute travellers at the lowest price. The startup’s target customers are SMEs and independent travellers. It claims of helping them save up to 20% on their hotels costs.
SavvyMob has expanded its network to over 25 cities and 250 hotels in India. It now has presence in all major business and holiday destinations across the country – Srinagar to Cochin, Mumbai to Kolkata.
It has partnered with hotels such as The Lalit, Oberoi Hotels & Resorts, Movenpick, Le Meridien, Royal Orchid, Oyo Rooms, Radisson, Park Plaza and offers a structured technology driven process for selling on-demand inventory and increasing yield through incremental sales.
Bikram Sohal, co-founder & CEO of Savvymob, said,
“It’s still early days in the grand scheme of things in India, mobile technology is still very small. But the people who are spending now and will be spending more in the future are doing it on these devices. This is why we felt the need to address last-minute bookings.”
According to a report, the mobile travel booking and advertising market is speculated to reach $400 million+ by 2017.
Savvymob competes with RoomsTonite, which has raised $1.5 million (Rs 10 crore) in seed funding from a bunch of angel investors. SavvyMob is available on Android and iOS.