FindMyStay raises funds led by Indian Angel Network

FindMyStay, a reverse bidding platform for hotel booking, has raised funds, led by Indian Angel Network (IAN).
The Pre-Series A round was led by Rishi Parti and Yogesh Bansal from IAN.
Details of the funding were not disclosed.
The company plans to leverage the raised capital towards product development, brand building and also enhancing tech backbone, FindMyStay said in a statement.
It also aims to double hotel partnerships and increase coverage of cities in its next phase of growth, it added.
"We believe that hotel booking is the fastest growing domain in travel as a category and FindMyStay has the right mix of ideas, execution, talent and leadership to disrupt this space. The company has already registered tremendous growth and traction," Parti said.

FindMyStay helps customers book hotels of their choice at the price they want to pay by connecting them in real-time with hotel partners who are looking to sell the inventory they foresee going unsold.

The Indian online hotel booking market is estimated to reach USD 1.8 Billion by end of 2016 from USD 0.8 billion in 2014.
However, of the 59 per cent of the Internet audience who research online, only 29 per cent book online. The rest book offline because of better prices and ability to negotiate, an opportunity that FindMyStay intends to cash in on.
"On an average, 50 per cent of a hotel's inventory lies vacant. By making customers bid their price for this inventory and getting hotels to accept it, we are clearly creating widespread disruption in our category," FindMyStay co-founder Rohit Khetrapal said.

Currently, FindMyStay has over 2,000 hotels on its platform across 35 plus Indian cities. It aims to double the count within the next 18-24 months.
Some of its key partners include the Lalit Group, The Park, Pride Group, Ginger Hotels and Oyo.