FindMyStay a Delhi based reverse bidding platform for hotel booking raised an undisclosed amount of funding its Pre-Series A round from IAN- Indian Angel Network. The round was laed by Yogesh Bansal and Rishi Parti.
Rishi Parti said
“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.”
The funds will be utilised in brand building, product development and technology enhancement. It further plans to expand their reach in other cities and to double its hotel partnerships.
It was founded by Simran Sial and Rohit Khetrapal in 2012. It allows the users to book hotels, by connecting them with hotels looking to sell their inventory. Its platform “Your Stay at Your Price” allows customers to bid their price for the hotel they wish to stay. Then the price accepted by the hotels is shown to the users. This models helps the users to save money through the reverse bidding process.
Simran Sial co-founder at FindMyStay 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 it has more than 2k hotels on its platform across more than 35 Indian cities. In the next 2 years it plans to double the count. Its partners includes Ginger Hotels, The Park, Oyo, Lalit Group etc. It is available on both iOS and android platforms and web version as well.
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. 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.”