Goa-based MyIndianStay, a platform which connects travellers and locals, has raised $200k in angel funding from a couple of unnamed institutional investors, Shan Gehlot, co-founder of MyIndianStay told DEALSTREETASIA.
Though he did not share the investors name, he said that “one of them is an institutional fund and other is an angel investor who invested in (MyIndianStay) their personal capacity.”
The startup plans to use the money to expand its footprint and strengthen its technology.
Founded in 2012 by IIT Bombay alumni Gehlot and Umesh Agarwal, MyIndianStay has evolved from a small-scale project to having the largest pool of homestays, villas and apartments in India.
Gehlot has over 10 years of professional experience and was working as a derivatives trader before founding this venture. Previously he founded real estate search platform called Mapofi, which was started in 2006.
Agarwal joined MyIndianStay a year ago and has more than 10 years of experience in technology building. “We have worked tirelessly and exhaustively with various types of property owners to understand their problems and built a deep expertise in this sector. Our tech solutions are going to enable owners to better manage their inventory in real-time & accept bookings on the go,” said Gehlot.
“The verification process not only ensures the best of amenities & accurate details for the traveller, but also promises the credibility of the host,” said Agarwal.
The company is also in talks to raise Series A round of funding, Gehlot added.
Currently MyIndianStay has over 5,000 properties on its platform out of which 30 per cent have already been verified and the portal aims to verify 100 percent by the end of 2016.
Talking about the future plans, Agarwal further said,” “The vacation rental space is evolving in India and is in its initial phase. We think that we are perfectly positioned to be part of this ecosystem and be the largest player in this huge un-organised sector in the Indian market. For this, we have worked in close proximity with our property owners to understand their various problems and build solutions accordingly.”
Other players in the online accommodation services space, includes OyoRooms, ZoRooms, QiK Stay etc.