MiStay, a Bengaluru-based startup that offers hotel booking by an hourly basis, recently announced it has raised an undisclosed amount of funding through investment firm ah! Ventures and a group of investors led by Hyderabad based ex-entrepreneur, Sumit Nagpal.
Abhijeet Kumar, Founding Partner at ah! Ventures, said:
“Hotel booking is a very large market and the unique approach of MiStay for inventory optimization will change the way the hotel industry operates.”
The startup said it will utilize the funds to grow the leadership team and to build up the brand.
Sandeep Jaiswal, Co-Founder and CEO, MiStay, said:
“Travelers today no longer want to plan their trip based on the hotels’ check-in time. The hotel industry is poised to transform to meet these evolving travelers’ needs. This transition, however, requires disrupting the age-old technological ecosystem in the hotel industry and raising operational capabilities of hotels. We are building the entire ecosystem ground up to enable the flexible hotel stay and be the leader in this market.”
Founded in 2016 by IIT Madras alumni Sandeep Jaiswal and Pranav Prabhakar, MiStay previously raised its first seed round in late 2017. Later, the company pivoted from the initial focus on the B2B corporate market to the consumer market in mid-2018. Since then, MiStay claims to have grown 5 times and hit operational profitability in June this year.
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