Hotel booking platform FindMyStay on Tuesday said it has raised an undisclosed amount in a pre-Series A round from Indian Angel Network.
The company plans to use the fund towards product development, brand building and enhancing its technology. FindMyStay also aims to double its hotel partnerships and increase coverage of cities.
Founded in 2012 by Rohit Khetrapal and Simran Sial, FindMyStay helps customers to book hotels, by connecting them in real-time with hotels that are looking to sell the inventory they foresee going unsold.
Rohit Khetrapal, co-founder, FindMyStay, said,
“On an average, 50% of a hotel’s inventory lies vacant. By making customers bid their price for this inventory and getting hotels to accept it, we are clearly creating widespread disruption in our category. On an average, our customers end up saving 25% more than when they opt for larger OTAs and last minute hotel booking apps.”
It currently has over 2,000 hotels on its platform across 35 Indian cities. It is targeting doubling the count within the next 18-24 months. Some of its key partners include the Lalit Group, The Park, Ginger Hotels and OYO.
The Indian online hotel booking market is estimated to reach USD 1.8 Billion by end of 2016 from USD 0.8 billion in 2014.
However, of the 59 per cent of the Internet audience who research online, only 29 per cent book online. The rest book offline because of better prices and ability to negotiate, an opportunity that FindMyStay intends to cash in on.
The Indian Angel Network has close to 400 investors from 10 countries; its presence spans 7 locations, which includes cities in India and UK. IAN has invested in startups from diverse industries/sectors in over 55 ventures over the last two years.