The founder and CEO of India-based budget hotel network Wudstay Prafulla Mathur, along with the other investors in the company have pumped in $1 million in the Indonesia-based budget hotel network Tinggal, Mathur told DEALSTREETASIA.
“This is an equity-based investment, however I cannot disclose the details of the equity”, Mathur said adding that he was the largest investor in the round.
“While this investment is a good opportunity for us, Wudstay will be focussed on the Indian market, we don’t want to spread ourselves too thin,” he said when asked whether the investment would give Wudstay a way to expand into Indonesia.
Mathur said there were other investment proposals that Wudstay is looking at, however they were at a preliminary stage.
Wudstay and Tinggal both operate on similar lines of the market leader OYO Rooms, wherein they guarantee a certain standard of stay at a various budget hotels including giving various options to its customers like selection of room, quality of room, breakfast, Wi-Fi, and location, under their brand names.
While TInggal is a month old, Wudstay was founded in April 2015.
In the one month that it has operated Tinggal partnered with 52 hotels in Jakarta, Bali, Bandung, and Malang, with about 500 rooms on offer.
WudStay on the hand lists close to 400 hotels across 40 cities in India, according to information available on the company’s website.