icanstay.com has successfully raised fresh round of funding of Rs 1.30 crore from an angel investor Manoj Prasad, Executive Chairman at Singapore-based venture capital and management advisory firm MP Morgan Capital Partners. This is addition to Rs 2.24 crore raised few months earlier from the same investor who has picked up 6.54 per cent stake in the company. The overall funds acquired are $550,000. This investment values FTTL at more than Rs 36 crore in a short span of just nine months since its commercial launch.
Commenting on his investment, 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.”
Puneet Gupta, COO and Co-Founder, FTTL said, that the investment would be utilized to beef up the technology and expand hotel network. 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.”
