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SavvyMob raises seed round to target millennials

01/15/2016| 11:25:04 AM| 中文

Last-minute hotel booking service SavvyMob has confirmed seed investment led by Aarin Capital.

Last-minute hotel booking service SavvyMob has confirmed seed investment led by Aarin Capital.

Angel investors from online funding platform Lets Venture and some of India’s businesses also contributed to the round.

Bangalore-based SavvyMob, Startup pitch here, was founded about 18 months ago to tap into the late hotel booking trend.

Chief executive and co-founder Bikram Sohal declined to confirm the amount of seed funding but some sources put it at $1 million.

In a statement Sohal and fellow founder Gappan Annamalai say:

“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 statement adds that the funding will help the startup increase its marketing efforts targeting business and leisure millennial travellers.

SavvyMob estimates the digital hotel booking market in India to be about 30% of the overall India market and growing rapidly. It also points to Google research which estimates the digital hotel booking market will be worth $1.8 billion this year.

Aarin Capital also participated in a $10 million Series A round for Bangalore-based TripFactory in July 2015. TripFactory specialises in holiday packages.

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