 "FindMyStay co-founders Simran Sial (left) and Rohit Khetrapal")
Nearly 125,000 hotel rooms go unsold everyday in India. Even as hotels do not offer a lower rate.
FindMyStay (FMS) is a reverse bidding hotel booking platform. It allows customers to offer their price to the hotel. Hotels list the inventory they see going unsold and customers can offer an amount they wish to pay in a private one-to-one environment. This makes for a scenario where both hotels and the customers get the best out of the situation at a cost more agreeable to all.
Founded in 2013 by Rohit Khetrapal and Simran Sial, the start-up raised an undisclosed amount of money last week in a pre Series-A round from Indian Angel Network, led by angel investors Rishi Parti and Yogesh Bansal.
The start-up plans to expand its product and technology with the funds. FMS makes money by charging a commission from customers on every transaction.
"We have 36 per cent repeat transactions month-on-month, which is the highest in its space," says Rohit Khetrapal, co-founder and chief executive officer. Providing customer service is a challenge for the start-up as it has a major customer base of three, four and five star hotels.
Currently, FindMyStay has around 2,000 hotels on its platform across 35-plus Indian cities. It aims to double the number of hotels within the next 18 months and increase its base to 50 cities.
Some of its key partners include the Lalit Group, The Park, Pride Group, Ginger Hotels, OYO Rooms and HHI.
