Aiming to work primarily towards product development, hotel booking platform FindMyStay on Tuesday raised an undisclosed pre-Series A funding from Indian Angel Network.
The company said that it 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.
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 online travel agencies and last minute hotel booking apps.”
The company basically connects customers with hotel partners who are looking to sell the inventory that otherwise would remain unsold. It allows customers to offer their price to the hotel through the reverse bidding process.
FindMyStay 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.
As per reports released by rating agency ICRA Ltd in September, around 8.4 million Indians are likely to book hotels online in 2016, up from 3.5 million in 2014.