MiStay, a Bangalore-based startup which offers online hotel booking service, has announced that it has secured an undisclosed amount in its seed funding round.
The funding round was led by Axilor Ventures, along with the participation of few other angel investors, who remains unnamed. Sandeep Jaiswal, co-founder and chief executive of MiStay says that the proceeds of the round will be used for hiring talent and marketing, apart from expanding operations.
Commenting on this funding round, Sandeep Jaiswal said:
While the hotels are seeing significant impact in their revenue by optimizing their room inventory though MiStay, the end users find the MiStay product useful because of the flexibility they get to book hotels only for the hours they require. The focus now is on rapid expansion and growth, while keeping the customer experience intact.
Asutosh Upadhyay, Head of Programs at Axilor said,
MiStay has taken a very innovative and customer-centric approach to hotel bookings, which is reflected in the fast paced growth they have seen since the launch. While giving travelers the best options, they are unlocking value in hotel inventory, making this a win-win solution for individuals and corporates. Axilor is happy to be backing this enthusiastic team with the vision to change the way the hotel industry operates today.
MiStay is operating on a unique business model. The platform offers slot-wise hotel bookings. A full day is divided into three slots: morning (8:00 am – 11:00 am); day (12:00 noon – 7:00 pm); and night (8:00 pm – 7:00 am). The customer can book any combination of consecutive slots based on need.
The company was founded in 2016 by Sandeep Jaiswal and Pranav Prabhakar. It currently operates in 30 cities with around 400 hotels, with the largest network of hotels in Bangalore, Delhi and Mumbai.
The partner hotels of the company include various branded hotel chains such as The Park Hotels, Pride Hotels, Sarovar Hotels, Keys Hotels, Treebo Hotels and Mango Hotels. As per the company, MiStay’s customer base has grown 7 times in last 6 months.