New Delhi [India], April 19 (ANI): Travel and hospitality start-up icanstay has successfully raised a fresh round of funding of Rs.1.30 crores from angel investor and Executive Chairman of Singapore-based MP Morgan Capital Partners Pte. Ltd. Manoj Prasad.
This fresh round of funding comes almost five months after the start-up raised Rs.2.24 crores. Prasad has picked up a 6.54 percent stake in the company. The overall funds acquired has been pegged at USD 550,000. This investment values FTTL at more than Rs.36 crores in a short span of nine months since its commercial launch.
Prasad said, "We see tremendous growth opportunities in the travel and hospitality space in India. FTTL is an exciting start-up with a unique model that brings value to all its stakeholders - customers as well as hotels and is well positioned for growth. We are excited to partner with such an exceptional management team and continue to build and grow this business over the long term."
icanstay is launched to fulfil aspiration of millions of Indians, who have yet not experienced stay in a luxury hotel. As per market study, less then two percent Indians have experienced staying in a luxury hotel.
There is a huge aspirational class of customers, as per our estimates 10 percent of the total population, who wish and desire to stay in a luxury hotel. And, as on date, there are 1,25,000 luxury rooms in India, which will grow to 1,65,000 by 2020. With the industry average of 62 percent occupancy, 47,500 rooms go vacant daily. Icanstay is a market place/bridge for this large base of aspirational consumers and luxury hotels with vacant rooms.
icanstay offers 4 and 5 Star rooms all over India at an amazing and fixed price of Rs.2999 (including GST) all around the year. No seasonal surges or city-based price. The portal wishes to upgrade budget hotel customer to Luxury hotel and make this his/her way of life. Users can purchase an open voucher valid for 11 months, which can be utilised in more than 50 cities.
Puneet Gupta, COO and Co-Founder, FTTL, said, that the investment would be utilized to beef up the technology and expand hotel network.
He said, "We are strongly placed to help hotels fill their vacant rooms and increase their yield per room. Further we are continuously strengthening our product offering and user experience. We are targeting a turnover of Rs. 700 Crores by 2020."
The company's USP has always been the price and flexibility that it offers to its customers, making luxury hotel stay affordable for as many people as possible. (ANI)