Mumbai, Oct 23 (PTI) SaffronStays, which is mainly operational in locations around Mumbai, Pune, Goa, is looking to expand to most parts of the country.
Currently, SaffronStays is operational around Mumbai, Pune, Goa and a few locations in Uttarakhand, Rajasthan and Tamil Nadu and plans are afoot to rapidly expand to most parts of the country, the micro-hospitality company said in a release issued here.
Currently, they have 28 homes and plan to onboard 40 exclusive homes (over 200 rooms) by the end of December, 2017.
SaffronStays presently has properties in Bhugaon, Murud, Alibaug, Kihim, Dapoli, Mulshi, Matheran, Panchgani, Karjat, Khopoli, Gholvad, Kamshet, Lavasa, Panvel, Goa, Kodaikanal, Ooty Gwaldham and Jaipur.
The goal is to have over 2,000 homes managed and branded by SaffronStays in the next 5-7 years, it said.
Started in 2015, SaffronStays has clocked over a million USD in revenues and hosted over 6,000 families from Mumbai and Pune.
"We wish to be the dominant managed vacation rentals company for the discerning Indian traveller. We aim to offer hand-crafted Indian hospitality and now that we have understood all the operational problems associated with the model and ways to overcome them, we think it is time to raise funds to scale up the business.
"We are looking to raise 20 million USD, to fund these expansion plans," SaffronStays co-founder Devendra Parulekar said.
He said, a large part of the funds raised will be invested in technology, expanding network of exclusive homes across the world and also establishing the brand. PTI SM RMT .
This is unedited, unformatted feed from the Press Trust of India wire.