Online hotel aggregator platform MiStay has managed to secure an undisclosed investment from investment firm ah!Ventures and a consortium of investors including Hyderabad-based entrepreneur Sumit Nagpal. According to a statement from the company, it plans to use the funds raised to strengthen its brand building exercise and expand its leadership team.
MiStay is a platform that allows customers to book hotels on its platform in terms of hours, on the lines of OYO and MakeMyTrip, enabling them to do early check-ins, short stays, day-use rooms and other services. Founded in 2016 by IIT Madras alumni Sandeep Jaiswal and Pranav Prabhakar, the company had raised its first investment in 2017. MiStay is currently operational in 100 cities in India and has 1,500 partners.
“The unique approach of MiStay for inventory optimisation will change the way hotel industry operates. The market opportunity and the efficiency with which the founding team has scaled the business so far, made the investment decision a no brainer,” said Abhijeet Kumar, founding partner, ah! Ventures.