FindMyStay, a unique reverse bidding platform for hotel booking has raised funds in its Pre-Series A round led by the Indian Angel Network (IAN) and the round was led by Rishi Parti & 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.
Rohit Khetrapal, Co-Founder, FindMyStay, commented, “On an average, 50 per cent 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 per cent more than when they opt for larger OTAs and last minute hotel booking apps. Thanks to these unique benefits that our business model delivers, we have managed to win the trust of reputed investors such as Indian Angel Network. Their support acts as a huge encouragement for us and the funds raised will help us broaden our horizons tremendously.”
Speaking on the growth opportunities and customer experience of FindMyStay, Co-Founder Simran Sial said, “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.”
Currently, FindMyStay has more than 2000 hotels on its platform across 35 plus Indian cities.
