SavvyMob, an on-demand mobile marketplace for last minute hotel rooms in India, has announced that it has closed a seed investment round. The investment is led by Mohandas Pai’s Aarin Capital and includes members of prominent business houses in India and angels from online funding platform LetsVenture.
“This additional funding is a great vote of confidence in SavvyMob’s vision as well as long term potential of our company,” say Bikram Sohal and Gappan Annamalai, co-founders of SavvyMob. “We are by far the fastest growing company in our market category, and we plan to use this funding to invest even more heavily in ensuring the success of our customers and to further accelerate our growth. We will be adding on-demand hotel inventory of over 5,000 hotels across 100+ cities in India onto our mobile marketplace in the coming few months.”
The digital hotel booking market is currently around 30% of the overall Indian hotel market but is growing at a rapid pace. Google expects the digital hotel booking market to more than double to $1.8 billion by 2016 and SavvyMob sees majority of those transactions happening on mobile devices. SavvyMob has currently partnered with around 5000 hotels in more than 50 cities. Users can avail of SavvyMob's services for making last minute hotel bookings and pay for it from their smartphones. By partnering with hotels, SavvyMob helps them sell unused inventory and curated upsells through its mobile platform. It also provides analytics and reporting solutions to partners so that they can provide packages based on social, mobile and location based data analysis and insights.
With this round SavvyMob will expand its marketing effort to target the business and leisure millennial travellers who are looking for the best rates for their unplanned or spontaneous travels. “With growing Smartphone user base in India, SavvyMob is in a great position to be the go-to last minute hotel booking partner for SMEs and independent travellers. Strong relationships with hotels and a strong technology platform makes SavvyMob a leading aspirant in this space”, said Mohandas Pai, Co-Founder of Aarin Capital.
SavvyMob is available for the iPhone and iPod touch on the Apple App store and for Android phones on the Google Play store.
Published Date: Jan 11, 2016 16:43 PM | Updated Date: Jan 11, 2016 16:43 PM