IAN Invests INR 3 Cr in Seed Round of Hospitality Startup Brevistay
|(Left to Right) Brevistay co-founders Shubham Agarwal, Avnish Kumar, Nikhil Pathak, Prateek Singh and Aditya Naithani.|
Empowering the concept of micro-stay, Brevistay intends to use the freshly infused capital to strengthen its team and invest in its marketing strategies
Brevistay, a pay-for-hour room booking startup has raised INR 3 crore from Indian Angel Network in its seed round. The round is led by IAN Lead Investors Uday Chatterjee, Hari Balasubramanian, and Sri Prakash.
The announcement comes as the startup commemorates its sixth anniversary on August 3rd, 2022. Co-founded by Prateek Singh, Shubham Agarwal, Nikhil Kumar Pathak, Aditya Naithani and Avnish Kumar, Brevistay allows customers to book hotels in slots of three, six, and 12 hours with the flexibility to pick their own check-in time. Its platform also allows hotels to manage inventory with the flexibility of their rooms in real-time — users can book a room at 1 AM as the hotels registered on the platform can be booked 24X7.
Founded in 2016, Brevistay aims to solve customers’ most common problem of overpaying for short stays at hotels. The check-in issue at odd times also gets resolved as the hotels registered on the platform can be booked for three hours and paid accordingly, making Brevistay an answer to a cost-effective way of adding comfort. The services offered are free of biases as everyone can book a room, including millennials, business travellers, unmarried couples, etc.
Prateek Singh, Co-founder & CEO, Brevistay, said, “We are changing the ‘unit’ of hotel bookings. It’s not all about room night; you also have hotel hours. We are breaking the pre-existing and centuries-old pattern of the noon check-in and 11 am check-out system and creating a new way of conducting the business. With this investment, we are looking at expanding so we can take this concept to larger audiences across more cities.”
Speaking on the investment Sri Prakash, lead investor from IAN said “We are backing a good team of founders who have built a business which has tremendous potential in India. We are expecting the company to become a category leader in hourly booking for hotel rooms and similar facilities. Our investor network in IAN will also help the company in all possible ways for helping them realise their full potential.”
Brevistay has been a bootstrapped company for six years without significant funding. The recently infused investment will enable the company to develop more creative ways to create a convenient and beneficial ecosystem for customers and the hotels.
The expansion of Brevistay took a toll when the pandemic struck the world. However, the company bounced back strongly with a 1.5X growth in the nine months after the first lockdown and recorded a 250% spike in the numbers in the next nine months after the second wave of COVID-19. Brevistay is commemorating its successful journey on August 3rd 2022, the day of its sixth anniversary.
Brevistay is a leading startup to book hotels in slot of 3, 6 and 12 hours with flexibility to decide your own check-in time. Thus, creating win-win scenario for customers as well as partner hotels.
They bring flexibility to a sector that until now has been very limited to its traditional rules and operations and they provide additional income to the hotel sector, “Frequent travellers, whether business or family, can stay for a few hours in hotels near airports, train stations, business areas or in the city centre. They also offer hotels near hospitals, railway stations, leisure areas.”With presence in more than 70 cities with 2800+ hotels and having 8L+ app downloads, Brevistay is one of the most promising start-ups in the tourism sector in India, leading an innovative concept of micro-stay hotel bookings.
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai amongst many others.
IAN Fund, an INR 375 crore VC fund is a uniquely differentiated seed/early stage Fund that aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.
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