Luxury hotel aggregation startup Icanstay.com has raised $200,000 (Rs 1.3 crore) in angel funding from Manoj Prasad, executive chairman at Singapore-based venture capital and management advisory firm MP Morgan Capital Partners Pte. Ltd.
Icanstayco-founder Puneet Gupta told VCCircle that the funds will be used to expand the team and improve the mobile app.
The angel funding comes four months after the startup raised $347,810 (Rs 2.25 crore) from Prasad, who picked up a 6.54% stake in the company as part of the transaction, going by VCCEdge, the data research platform of News Corp VCCircle. At the same time, Icanstay.com signed an ad-for-equity deal with HT Media Ltd. Under the ad-for-equity deal, a media house promotes a company through advertising (and other ways) in return for a stake.
The voucher-based portal operated by Delhi-based First Time Travellers Ltd was launched in February last year by Avneet Soni and Gupta, who is operating chief.
Through the portal, customers can purchase a voucher worth Rs 2,999 (inclusive of Goods and Services Tax) for a stay in a four-star or five-star hotel for a certain period. Currently, the startup claims to be present in 42 cities and more than 150 luxury hotels, and plans to expand to 100 cities in the next six months. The vouchers that it offers are valid for 11 months as well as refundable and extendable.
As part of itsbusiness model, Icanstay.com acquires unsold rooms from luxury hotels and offers them to customers.
The voucher price of Rs 2,999 remains unchanged, irrespective of season and city.
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