Mumbai-based Room N House Co, a startup that provides an online marketplace for alternative accommodation under the same name, has secured Rs 1 crore (under $170,000) in bridge funding from Ahmedabad-based angel investor-cum-virtual incubator Euphoria Ventures, according to a report in The Economic Times, quoting its co-founder Rakesh Singh.
The firm will use the funds to scale its operations and launch mobile apps to improve booking efficiency for consumers. According to Singh, the company is looking to raise Rs 10 crore in its Series A funding early next year.
We have contacted the firm for more details, and will update the story as and when we hear from him.
Founded in November of 2012 by Singh, a University of Mumbai alumnus, and Amit Solanki, an alumnus of Watumull Institute of Technology (Mumbai), RoomnHouse is an online marketplace where travellers can find and book places rented out by homeowners, tenants and landlords. With detailed property descriptions, photos and list of amenities and nearby attractions, RoomnHouse claims to be making it easy for users to find and compare accommodation. The portal has listings across multiple locations, and is currently focusing on expansion in West India and the local holiday destinations around. RoomnHouse is targeting revenue of Rs 6 crore this financial year, according to Singh.
RoomnHouse’s service is similar to international alternative accommodation portal Airbnb.
Last month, Oravel.com, an online short-stay accommodation portal owned & operated by Delhi-based Oravel Stays Pvt Ltd, had shut down. The parent company has now started a branded marketplace for budget hotels, called OYO Rooms and secured $650,000 in funding from DSG Consumer Partners and Lightspeed Venture Partners.
Euphoria Ventures is a virtual incubator aimed at providing management support, angel investment and growth advisory to startups/early-stage growth companies in the US, Nordic & Russian Federation, Western Europe & India. According to its website, the firm has invested in one more venture, but its name has not been disclosed. Euphoria aims to incubate 60 ventures by 2017.
(Edited by Joby Puthuparampil Johnson)