Business Standard

SaffronStays looking to raise USD 7 mn to expand portfolio to 500 homes


Press Trust of India Mumbai
Venture capitalist Nikhil Vora-backed start-up SaffronStays plans to raise around USD 7 million (about Rs 50 crore) in the next few months to take its portfolio to 500 homes across the country over the next two years.
Founded in 2015 by Devendra Parulekar and Tejas Parulekar, the city-based start-up manages hospitality operations, branding and marketing for private vacation homes owned mainly by high-net-worth individuals.
"Over the period, we have seen a shift in preference of Indian travellers who are looking for a more homely comfort during holidays. We are bullish about the growth story of this underserved hospitality segment. We plan to raise another USD 7 million for expansion and are in talks with a few investors," Devendra Parulekar told PTI.
Vora-led Sixth Sense has already invested USD 4 million in the company.
"The additional funds, which we will raise in the next few months, will be used for countrywide expansion from current 165 homes to 500 homes in the next two years, deployment of technology, marketing and brand awareness and hiring the right talent," Parulekar said.
The company is currently present in destinations like Mamallapuram and Kodaikanal in Tamil Nadu, Coorg in Karnataka, Goa, Jaipur inRajasthan, Pune, Alibaug,Panchgani, Igatpuri and Indapur in Maharashtra and Kurseong and Siliguri in West Bengal, among others.
"We will expand in these markets, even as we continue to focus on lesser-explored destinations in Maharashtra. Our target customers are Mumbaikars who have very few getaway options. We will have at least one home in every such location where they prefer to go," he added.

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First Published: Dec 27 2019 | 6:55 PM IST

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