Delhi based icanstay.com, an online luxury hotel booking platform for business travelers has raised a fresh round of funding of Rs 1.30 Cr from an angel investor Mr. Manoj Prasad, executive chairman at Singapore-based venture capital and management advisory firm MP Morgan Capital Partners Pte. Ltd.
Earlier the online platform has raised Rs 2.24 Cr from the same investor who has picked up 6.54 % stake in the company. The overall funds acquired are now $550000.
The latest funding values icanstay at more than Rs 36 Cr, in just nine months since its commercial launch.
icanstay is launched to fulfill the aspiration of millions of Indians, who have yet not experienced stay in a Luxury Hotel.
As per the market study, less then 2% Indians have experienced stay in a luxury hotel. There is a huge aspirational class of customers, as per our estimates 10% of the total population, who wish and desire to stay in a luxury hotel. And as on date, there are 125000 luxury rooms in India, which will grow to 165000 by 2020.
With an industry average of 62% occupancy, 47500 rooms go vacant daily. Icanstay is a marketplace/bridge for a large base of aspirational consumers and luxury hotels with vacant rooms.
icanstay offers 4 & 5 Star rooms all over India at an amazing and fixed price of 2999 (include GST) all around the year. No seasonal surges or city-based price. The portal wishes to upgrade budget hotel customer to the Luxury hotel and make this his/her way of life.
Users can purchase an open voucher valid for 11 months, which can be utilized in more than 50 cities.
Mr. Puneet Gupta, COO, and Co-Founder, icanstay 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.”
The company’s USP has always been the price and flexibility that it offers to its customers, making a luxury hotel stay affordable for as many people as possible.
Hospitality is a $550bn+ industry and is growing at a CAGR of ~10%. While hotels are already fighting a battle with MakeMyTrip & Airbnb of the world; a unique and personalized Guest Experience which is Valuable, Durable, Rare and most importantly Non-Imitable will create a long-term loyalty.