Published on : Wednesday, April 18, 2018
The luxury hotel portal icanstay has raised Rs 1.3 cr in a fresh round of funding from angel investor Manoj Prasad, executive chairman at Singapore-based venture capital and management advisory firm MP Morgan Capital Partners Pte Ltd.
It is owned and operated by First Time Travellers Ltd, and enables stays for business travellers.
This is addition to Rs 2.24 crore that the firm raised earlier from Prasad who holds about 6.54 % stake in the company so far. This takes the total amount raised by the firm to Rs 3.6 crore so far valuing FTTL at over Rs 36 crore since its launch nine months ago.
The capital raised will be used to enhance technology and expand the hotel network. Puneet Gupta, COO and Co-Founder at FTTL said that they are strongly placed to help hotels fill their vacant rooms and increase their yield per room. Further they are continuously strengthening our product offering and user experience.
icanstay is offering 4 & 5 star rooms all over India and claims to be neutral to seasonal price surges or city-based pricing differences. The users can purchase an open voucher valid for 11 months which can be utilised in more than 50 cities.