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Axilor invests in hotel e-booking company MiStay

Wednesday, November 22, 2017, 13:00 Hrs  [IST]

As per a report in The Times Of India, online hotel booking company MiStay has raised funding from Axilor Ventures. The size of the investment was not disclosed. Axilor is an accelerator and seed fund founded by former Infosys co-founders Kris Gopalakrishnan and SD Shibulal and invests typically between INR 25-50 lakh in a startup. Bengaluru-based MiStay allows booking of hotel rooms by pack of hours, with flexible check-in/check-out times. The booking site's partners include various branded hotel chains such as The Park, Sarovar, Keys and Treebo Hotels. The funds will be utilised in growing the team, marketing and scaling up operations across India, the company's co-founder and CEO Sandeep Jaiswal said.

Founded in 2016 by IIT Madras alumni Sandeep Jaiswal and Pranav Prabhakar, MiStay is currently operational in 30 cities with around 400 hotels, a majority of those in the top three cities. The current round also saw participation from several angel investors from the technology and hospitality industry, but they were not identified by the company.

“The tariff of The Park Kolkata for a full day on other websites is INR 7,000, whereas at MiStay, the price of the hotel for a day slot is INR 2,000. In the case of 2-star hotels with full day price of about INR 1,500, the price at MiStay for a morning slot could be INR 400. The prices can be as low as 30% of full-day rate when booked for morning/ day slot,” said Jaiswal adding that the company has grown rapidly in the last six months.

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