Savvymob, a platform for last minute hotel bookings has announced it raising $1 million in seed funding led by T V Mohandas Pai along with the participation of Lets Venture, an online platform for fundraising.
Founded in 2014 by Bikram Sohal and Gappan Annamalai, the startup SavvyMob is an app based platform to offer unsold hotel inventory to last minute travellers at the lowest price. The service is offered in 50 Indian cities. The startup saving hotel costs majorly focuses at SMEs and independent travellers. It has teamed up with top hotels like The Lalit, Oberoi Hotels & Resorts, Movenpick, Le Meridien, Royal Orchid, Oyo Rooms, Radisson, Park Plaza and many more.
With the fresh funds raised, SavvyMob plans to expand its operations to another 50 cities in India by the end of 2017. It also has plan to hire more to strengthen its technology team and take measures to improve its product.
Bikram said, “It is still early days in the grand scheme of things in India, mobile technology is still very small. But the people who are spending now and will be spending more in the future are doing it on these devices. This is why we felt the need to address last-minute bookings.”
Within few months of its launch, SavvyMob has widened its network to more than 25 cities and 250 hotels in India. It not has its services available many big cities. The mobile app is available in both Android and iOS. The company claims that it helps its customer with the hotel deals that are handpicked by the team.
Gappay claims to be leveraging the increasing smartphone user-base in India with its mobile-only platform. According to a study, the mobile travel booking and advertising market is speculated to reach $400 million plus in 2017.
Other player in the industry RoomsTonite has recently raised $1.5 million in seed funding from a group of angel investors to boost its expansion in the market.