Accion Venture Lab, the world’s leading seed-stage investor, YourNest, an early stage venture capital fund & few prominent angels have jointly invested Rs. 9 crore  in the Hyderabad-based fintech startup CredRight, a data driven lending platform that provides credit to unserved & underserved Micro, Small, and Medium Enterprises [MSMEs].  CredRight partners with chit funds – which are similar to Rotating Savings & Credit Association [ROSCAs] in the United States but use a reverse auction to distribute pooled funds – across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer.

Image Source – CredRight

Neeraj Bansal, Co-founder and CEO, CredRight said

CredRight is aiming to disburse Rs. 100 Cr in the next 12~15 months. With this new injection of capital, CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved & underserved customers. Chit funds are the most underappreciated financial inclusion story in India. Registered chit funds, well regulated by States & RBI, cater to more than $10 bn credit demand in India, addressing more than 5 mn missing middle of India for over a century. With digital channels and complimentary lending, the industry has the potential to grow many folds and expand the financial inclusion story even further.

CredRight has partnered with chit funds companies that allows access to MSE’s & their entire past credit history related to chit fund payments and defaults data.  It is a data driven lending platform that provides credit to MSMEs. CredRight partners with chit funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer. RBI Registered chit funds in India have 5 million subscribers, with 50% being MSME subscribers.

By leveraging its proprietary machine learning based credit algorithm, CredRight is able to build significantly better picture of cash flows, ability to repay, and willingness to repay for any applicant. Due to its end-to-end digital process, CredRight can approve loans within 24 hours and disburse funds within three business days.

Paarul Dudeja, Director of Investments for India, Accion Venture Lab, said

With tens of millions of India’s MSMEs cut off from formal financing, CredRight’s innovative new model and use of often-overlooked data can help small businesses thrive.

Sunil Goyal, Managing Director & Fund Manager, YourNest Venture Capital, said

For decades chits are a trusted source of savings and credit in India. CredRight team has intelligently built an algorithm to use the reliable data on the members available with the chit funds. This strong digital platform allows CredRight to have a lower operational cost, conduct multivariate analysis and a continuously evolve its credit model.

The inherent savings led re-payment plan, and the obvious benefits of the fraternities build around friendships, brotherhoods and neighborhood allows better adherence of loan re-payments. We find CredRight has gained access to hitherto untapped alternate credit data-sets to build and roll out a product for ‘Bharat’.

T. S. Sivaramakrishnan, General Secretary of All India Chit Fund Association, said

Chit funds have been serving the financial needs of Lakhs of households in India and like Yoga or Ayurveda, has stood the test of time. With the advent of companies like CredRight who are inducing a healthy dose of digital technologies and risk-based algorithms, Chit Funds can prepare for the oncoming era better and meet the unstated needs of their subscribers better as well as reach out to young generation with more confidence.

More information about CredRight can be found here

Milkbasket, India’s first & largest daily grocery delivery service, has just announced the successful closure of $7 million in Series A funding led by Kalaari Capital with participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures.

Image Source – Milkbasket

Started in early 2015, Milkbasket revolutionized the online grocery space by introducing an early morning, contactless, micro-delivery model akin to the prevalent newspaper and milk supply chain models in India. Starting with milk and breakfast products, Milkbasket today fulfills the entire grocery needs of a household with a reach of over 40,000 households in 180+ communities in Gurgaon.

Commenting on the investment, Vani Kola, MD at Kalaari Capital said

Strong founding team, focus towards data-based decision making, operational rigor, and incessant focus on customer delight, backed by a large market opportunity in the grocery space culminated into us leading a $7M Series A round into Milkbasket.

The company is going to use these funds for further innovations in supply chain efficiencies and last mile logistics, creation of unique customer propositions and delivering exceptional customer experience, and expand into other geographies while penetrating deeper in existing communities.

Founders of MilkBasket

Teruhide Sato, Founder of BeeNext, said

Our investment in Milkbasket provides us with meaningful participation in one of the fastest growing e-grocery markets globally. We are excited to partner with one of India’s best grocery delivery platforms and believe that this investment will accelerate their ability to build scale in India.

Three unique attributes of Milkbasket that impressed us were; a great founder with a solid team and great execution; a user friendly service suitable for Indian local habits; and highly frequent consumer touch points. Milkbasket instigates a sense of community among users, and there is no doubt that they will become the daily habit of India in a few years.

Founded by INSEAD alumnus Anant Goel with his co-founders Ashish Goel, Anurag Jain and Yatish Talvadia, Milkbasket operates with a full stack in-house supply chain model, achieved positive unit economics within first six months of inception and have introduced industry’s first flexi-ordering till midnight, delivery by 7:00 AM, no minimum order and free delivery model.

Speaking on the funding, Anant Goel, CEO at Milkbasket said

We are very excited to have Kalaari and BeeNext join us in the journey to crack the online grocery space in a sustainable manner. This funding will help us to continue investing in the 3Ts that we hold close to our hearts – Talent, Technology and Territory, and in achieving our vision to create the most convenient grocery fulfilment model for today’s busy households.

About Milkbasket

Launched in early 2015, Milkbasket is India’s first and largest grocery delivery service. Built on the unique Indian habit of getting fresh milk delivered at home every morning, Milkbasket is today fulfilling the entire grocery needs of a household everyday before 7:00 a.m. To enable frequent and friction-less buying, Milkbasket has innovated micro delivery, flexi-ordering and contactless delivery – all a first in the e-commerce industry – and favorites of Milkbasket customers.

With a daily reach to over 40,000 households, Milkbasket’s vision is to become the default mom & pop shop for over a million households in the next 3~5 years. Having achieved positive unit economics within the first six months of the launch, Milkbasket is the most capital efficient model in the online grocery space as compared to its domestic and global peers. For more information, please visit MilkBasket

mfine, an app-based on-demand healthcare service, announced it has raised $4.2 Million in Series A funding. Prime Venture Partners led the round alongside existing investors, Stellaris Venture Partners and healthcare entrepreneur, Mayur Abhaya. The company will use the fresh funds to build the hospital network across cities, and further strengthen the technology team. The company is planning to achieve over One Lakh consultations by the end of 2018 and also partner with more than 50 top hospitals across the country.

Launched in December 2017, mfine follows a unique model of partnering with leading and trusted hospitals instead of aggregating individual doctors on the platform. Hospital partnerships enable mfine to make high-quality care of trusted doctors available on a digital channel – for the first time in the country.

Top doctors from more than 15 leading and reputed hospitals in Bengaluru such as CloudNine, Aster, and Ovum consult with patients across nine specialties. For the hospitals, mfine is their new center on the cloud bringing in more patients and offering premium services, long-term care programs, super specialties without any upfront investments.

Within the first five months of launch, mfine has clocked more than 10,000 consultations. mfine’s platform ensures that patients can reach the doctors on the network within 60 secs and start the consultation. Users get access to the same doctors and other integrated experiences as visiting a hospital, virtually and when they need. mfine will soon launch additional services such as monitoring of vitals, collection of sample for lab tests and medicine delivery at home.

mfine has built an AI-powered technology system that improves doctors’ efficiency & effectiveness dramatically. The system is built on the foundation of standard medical ontologies and protocols and is able to learn and replicate high quality diagnosis and treatment methods. The system takes care of structured data collection, reminders for follow up based on signs/symptoms and execution of care protocols for chronic conditions, thereby building a platform that’s unique and globally competitive. 

mfine was founded in February 2017 by Ashutosh Lawania [Myntra Co-founder] and Prasad Kompalli, a former business head at Myntra. The founders were later joined by Ajit Narayanan, ex-Myntra CTO, Arjun Chaudhary, ex-Myntra head of growth marketing and Dr. Jagadish Prasad, an interventional neuroradiologist, and founder of Femiint Health, a hospital in Bengaluru. Including the current funding round, the startup has raised over $6 million and has 50 employees in Bengaluru.

[L-R] Prasad Kompalli [CEO & Co-Founder], Ashutosh Lawania (Co-Founder]

Prasad Kompalli, CEO and Co-Founder, mfine said

We see a huge opportunity to bring the much needed, tech-driven transformation in the $50B primary healthcare delivery. With our deeply tech driven approach and working with reputed providers, we are effectively creating a ‘cloud clinic’ where quality healthcare can be accessed on demand from anywhere. We believe we can scale this across the country and beyond and help people gain much more control over their health.

Shripati Acharya, Managing Partner, Prime Venture Partners said

Teleconsult and on-demand healthcare is poised to fundamentally transform healthcare delivery in India. mfine has taken an innovative hospital-first approach where experienced doctors and specialists from established hospital brands are available directly on the app. It is backed by a stellar team with passionate founders who have deep experience building startups and getting them to scale and succeed.

Ritesh Banglani, Partner, Stellaris Venture Partners said

We are pretty excited about what mfine has built up so far both in the product and the provider network. The impressive consumer traction they have achieved in a short time reinforces our belief in this space and mfine’s differentiated approach. We are excited to back them in their journey to create large and impactful health-tech business.

Rohit M A, Co-founder & MD, Cloudnine Group of Hospitals said

Digital health is the future of primary health care as it offers much more convenience and continuity to the couples in our care. Mfine’s connected care platform augers very well into the Digital Engagement strategy at Cloudnine and we are excited about the new reach and the extended clinical care programs for fulfilling varied needs of our customers.

Dr. Adarsh, Chairman and Medical Director Ovum Hospitals, Ovum Hospitals

With mfine video consultation, I can meet my patients virtually and that makes online consultation much more easy and safe. mfine app is super simple to use with almost zero typing. I can provide much detailed prescriptions on mfine including nutrition and growth chart.

The mfine app is currently available in English on Google Playstore & Appstore and can be downloaded from here.

Avaamo, the AI-driven company specializing in conversational interfaces to solve specific high impact problems in the enterprise, has raised a $14.2 million Series A financing round led by Intel Capital with additional investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This funding brings the company’s total investment to $23.5 million to date. Avaamo will use the latest funding to expand its sales and marketing to meet demand in the enterprise for conversational AI solutions in the growing global market.

Image Source – Avaamo

The Avaamo platform enables enterprises to deploy omnichannel intelligent assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory. Operating quietly under the radar for the past three years, Avaamo has built fundamentally new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer queries with a very high degree of accuracy – even with sparse training data.

Ram Menon, Founder & CEO of Avaamo, said

Avaamo’s conversational intelligent assistants are already deployed globally in more than 40 countries and even greater global expansion is on the horizon as enterprises seek an AI-based conversational computing solution to improve last mile automation.

Avaamo’s full stack conversational AI platform with a specific focus on vertical machine learning, has enabled the company to acquire customers in the finance, mutual funds, telco, retail and healthcare industries, while providing measurable ROI to enterprises driven by high volumes, intense regulatory oversight and stringent security guidelines. Intelligent assistants in these industries require deep domain machine learning, as well as integration to proprietary data residing in legacy systems with support for security, encryption and addressing GDPR and HIPAA requirements.

Fiaz Mohamed, head of Industry Solutions, Artificial Intelligence Products Group at Intel Corporation, said

Intelligent agents are an emerging area that’s already impacting how consumers interact with enterprises, while reducing costs and improving workforce productivity. Because Avaamo’s secure architecture allows for easy integration with existing enterprise systems, combining its emerging conversational technology with Intel’s platform focus on AI has the potential to provide a disruptive platform for large enterprises.

Additionally, Intel is excited to add Avaamo as a member of the recently launched AI Builders program, opening up new channels for marketing and sales enablement for Avaamo.

Albert Kim, Head of Ericsson Ventures, said

Ericsson has time and again proven instrumental in enabling new ecosystems. Conversational AI technologies is one such ecosystem that we believe is expected to experience rapid growth. We are very excited to partner with other strategic investors in supporting Avaamo’s revolutionary journey going forward, as it continues to disrupt large existing markets while creating a differentiated technology stack.

Venu Pemmaraju, Co-head of Wipro Ventures, said

We took an early position in Avaamo after being impressed with their technology. Since then, we have achieved significant joint customer traction in the Finance, Telco and Retail verticals worldwide. We continue to be excited about Avaamo’s technology and customer traction and pleased to support in expanding their footprint.

Parag Shah, Managing Partner of Mahindra Partners, the $1 billion private equity arm of the Mahindra Group, said

Mahindra Partners enjoys helping entrepreneurs to build great companies. We were impressed with Avaamo’s strong focus on execution, the partnerships and emerging ecosystem Avaamo is building in the conversational AI market for large enterprises and are excited to partner with them to support further expansion.

Director Arun Chetty led the investment for Intel Capital and will join Avaamo’s board. RRam Menon and Sriram Chakravarthy founded Avaamo and previously worked together at TIBCO. They have assembled a team with over 150+ years of experience in enterprise software.

About Avaamo

Avaamo is a deep-learning software company that specializes in conversational interfaces to solve specific high impact problems in the enterprise. Avaamo is building fundamental AI technology across a broad area of neural networks, speech synthesis and deep learning to make conversational computing for the enterprise a reality. For more information, please visit Avaamo

Breaking new grounds in the formal finance sector through innovative and dynamic use of technology, Rubique Technologies Private Limited, India’s largest online financial matchmaking platform has raised an undisclosed amount funding led by Japan’s Recruit Group and Russian venture capital management company, Emery Capital. The funding round saw participation from Blacksoil Group & existing investor Kalaari Capital.

The funds from this round will enable Rubique to further strengthen its technological and analytics capabilities. The company also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.

Established in the year 2014, Rubique has demonstrated how frugal innovation, propelled by disruptive technologies in the traditional lending space, can simplify complex financial procedures to fulfill every financial aspiration in the simplest, shortest and speediest way possible. Since its inception the company has already facilitated loan disbursement worth approximately Rs. 2,670 crores and over 82,000 credit card setups through its platform.

The involvement of Recruit Group and Emery Capital, both having an international expertise in facilitating adoption of newer technologies across sectors and geographies, as well as its existing investors, underlines the trust that Rubique has generated in the global market.

Speaking on the announcement, Manav Jeet, MD & CEO, Rubique said

The success of the latest funding round is a strong indication of the trust our investors have in our vision, our technology-thinking of financial services as well as in our strong focus on robust unit economics model. We have managed to successfully stand out in the fintech space as an innovator par excellence and one of the genuine success stories of the domain through our unique asset light business model.

With the domain expertise our investors bring on-board, we look forward to leveraging their insights as we build a leading platform for digital lending in India. We would also like to thank our existing investors for continuing to support us in our growth journey.

Apart from this round we are also in the final stages of closing another tranche’ of funding, to be led by couple of marquee investors. We are excited about our next phase of growth and will continue to develop superior technology products for the ecosystem players thereby aiming to bring a symbiotic relationship between banks and technology, bridge India’s credit gap.

Rubique has recently closed 200K customers and have generated revenue of around $7.2 Mn [INR 47 Cr], clocking a revenue of around 3.5 Crores Month on Month. With a consistent growth, Rubique has been unit economics positive at the transactional level and will be aiming to break-even in 2019 & going for Rs. 100 Crores revenue by 2021.

Speaking on the fund raise, Ivan Savelyev from Emery Capital said

Rubique’s unique business model and technology thinking has an impressive ability to hit the ground running to build a financially strong nation with easy access to credit to all sectors of the society – Businesses and Millennials.

We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the under-banked and underserved customers in India. We are committed to supporting Rubique on its journey to become a leading fintech player in India and also help and share our experience with similar models in other continents & explore synergies to work with them.

With the world constantly innovating, the advanced technologies such as Blockchain, Big Data and AI used by Rubique analyses multiple data points to assess the creditworthiness of the customers and provide them the offers they are eligible for, thereby removing the manual efforts in the loan processing system. The company has recently built a data science team which leverages its rich customer data and bank credit policies to build a proprietary AI based Matchmaking and ranking algorithm that provides a customized list to each consumer based on his/her needs and profile. This offers manifold advantages in terms of higher approval rates, better customer satisfaction and improved sourcing to its financial partners.

Eyeing the future growth of the company, Rubique envisions becoming the largest online financial matchmaking platform in India and aiming for entire ecosystem growth including customers, financial institutions & influencers. With focus on maintaining its model asset-light, Rubique is planning to invest in Data science & leverage insights generated to build stronger business propositions.

About the Recruit Group

Founded in 1960, the Recruit Group creates and provides platforms that connect companies and consumers. Headquartered in Tokyo, Japan, the Group offers a wide range of services in a variety of areas including human resources, education, housing and real estate, bridal, travel, automobiles, dining and beauty. The Group has more than 45,000 employees and operates in more than 60 countries. For more information, please visit Recruit Group

About Rubique

Rubique was formed in November 2014, with a vision to fulfill every financial aspiration in the customer’s life cycle in the simplest, shortest and the speediest way through a wide range of loan, credit card and insurance products. Built on a proprietary AI based recommendation engine, Rubique’s marketplace platform has been integrated with financial institutions’ systems for real-time processing and providing online approvals to the customers. The advanced technology solution not only reduces the processing time significantly, but the data analytics done on multiple data points helps bring predictability and assess creditworthiness offering best deals to the customers.

Named as ‘The Most Promising Brand’ by The Economic Times and selected among the top 20 lending fintech players in India by the Financial Express’ Best Bank Awards Jury recently, Rubique has also garnered a lot of international recognition and accolades.

Capital Float [Zen Lefin Pvt Ltd], India’s leading digital lender has raised debt of €6 million [INR 48 crores] from the Netherlands-based asset management company, Triodos Investment Management. The latter is a wholly-owned subsidiary of Triodos Bank, one of the world’s leading sustainable banks, and manages €3.3 billion in AUM.  This takes Capital Float’s total debt raise to $130 million [INR 840 crores]. The company has raised $107 million [INR 695 crores] in equity thus far.

Image Source – Capital Float

Triodos IM is the first international investment management company to invest in debt at Capital Float through its investment funds Triodos Fair Share Fund and Triodos Microfinance Fund. Through this collaboration, Triodos IM intends to increase its strategic focus on SME lending in India. Capital Float will leverage the funds from the debt raise for the purpose of onward lending, as the company continues adding to its existing AUM of over INR 1200 crores.

Gaurav Hinduja and Sashank Rishyasringa, Co-founders, Capital Float, said

We are delighted to have Triodos IM join our prominent list of investors. We have previously raised debt from some of the largest banks and NBFCs in India, such as Kotak Mahindra Bank, Axis Bank, Reliance Capital and Northern Arc Capital [formerly IFMR Capital].

This collaboration with Triodos IM indicates Capital Float’s ever-growing reputation in the international financial circles. Investments like these will help put digital lending in India in the international spotlight. With this fresh injection of funds, we will strengthen our focus on expanding our MSME borrower segments.

Aditya Mohan, Senior Investment Officer said

Triodos IM has been working with companies that are the frontiers of financial services in emerging economies for over two decades, and the role of technology in delivering financial services in these markets has increased exponentially in recent years.

We are pleased to partner with Capital Float and are enthused by their approach of using technology as an enabler for collaboration in financial services. We look forward to contributing to a digital eco-system which can make credit accessible and affordable to MSMEs.

Northern Arc Capital performed a crucial role in facilitating the debt raise between Capital Float and Triodos IM.

Dr. Kshama Fernandes – MD & CEO, Northern Arc Capital, said

Northern Arc partners with clients across various sectors and phases of their life-cycle. Basis our diligence we take balance sheet exposures and enable these entities to access reputed global and domestic investors who value Northern Arc’s skin-in-the-game.We are excited to have played a critical role in an important transaction.

The investment by Triodos IM in Capital Float is a great demonstration of our commitment to back clients in every way possible along their growth path.

About Capital Float

Capital Float is the pioneer of digital lending in India. The company leverages technology and big data analytics to deliver innovative credit products to businesses and individuals across the country. Through its proprietary digital loan underwriting and origination platform, it has been able to deliver financing solutions to large sections of the economy traditionally underserved by large financial institutions. It has also developed partnerships to finance SMEs across various ecosystems such as e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances.

Founded in 2013, Capital Float is the trade name for Zen Lefin Private Limited, a Non-Banking Finance Company [NBFC] registered with the Reserve Bank of India. For more information, please visit Capital Float

Capital Float [Zen Lefin Pvt Ltd], India’s largest digital lender has raised $22 Million [INR 144 crores] in equity funding from Amazon. This latest fund raise takes Capital Float’s total equity funding to nearly $110 million from Amazon and other existing investors including Ribbit Capital, SAIF Partners, Sequoia India, Creation Investments, and Aspada. In addition, the company has also raised debt amounting to $130 million till-date [INR 840 crores] from leading banks and NBFCs. Capital Float has enabled large numbers of SMEs with customized credit solutions and is actively expanding into new customer segments. The company’s unique model of lending from own balance sheet as well as a co-lending model of loans for other lenders [banks and NBFCs] gives it access to large pools of capital to serve a vast customer base.

Image Source – Capital Float

Gaurav Hinduja and Sashank Rishyasringa, Co-founders, Capital Float, said

We are tremendously excited to bring Amazon on board as an investor at this key juncture in Capital Float’s journey. This partnership has enormous potential. In the past 6 months alone, we’ve added several new products and crossed INR 1,200 crores [$185 million] in overall loan portfolio outstanding. We have also achieved tremendous growth on the customer acquisition front, adding 50,000 new customers across the country. With this investment from Amazon, we enter FY19 with relentless focus to add 300,000 customers and originate over INR 5,000 crores [$800 million] in loans this year.

The funds will be used to bolster Capital Float’s proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers.

Amit Agarwal, SVP and Country Manager, Amazon India, said

We are excited to work with Capital Float and invest alongside other investors. We are highly impressed with what Gaurav and Sashank have built and we back missionary entrepreneurs and management teams. Credit in India is highly under-penetrated and Capital Float is bringing the right kind of credit solutions to the underserved and informally served segments of SMEs to help realize their full potential. The company is well positioned for the digital age with its strong technology and data-driven approach to lending.

About Capital Float

Capital Float is the pioneer of digital lending in India. The company leverages technology and big data analytics to deliver innovative credit products to businesses and individuals across the country. Through its proprietary digital loan underwriting and origination platform, it has been able to deliver financing solutions to large sections of the economy traditionally underserved by large financial institutions. It has also developed partnerships to finance SMEs across various ecosystems such as e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances.

Founded in 2013, Capital Float is the trade name for Zen Lefin Private Limited, a Non-Banking Finance Company [NBFC] registered with the Reserve Bank of India. For more information, please visit Capital Float

icanstay, a portal known for making luxury hotel stay available for business travelers, has raised fresh round of funding of Rs 1.30 Cr from an angel investor Manoj Prasad, executive chairman at Singapore-based venture capital & management advisory firm MP Morgan Capital Partners Pte. Ltd.

Image Source – icanstay

This is addition to Rs 2.24 Cr raised few months earlier from the same investor who has picked up 6.54% stake in the company. The overall funds acquired are USD Five Hundred Fifty Thousand. This investment values FTTL at more than Rs 36 Cr, in a short span of just nine months since its commercial launch.

Commenting on his investment, Manoj Prasad, the angel investor said

We see tremendous growth opportunities in the travel and hospitality space in India. FTTL is an exciting start-up with a unique model that brings value to all its stakeholders – customers as well as hotels and is well positioned for growth. We are excited to partner with such an exceptional management team and continue to build and grow this business over the long term.

icanstay is launched to fulfill aspiration of millions of Indians, who have not yet experienced stay in a Luxury Hotel. As per market study, less then 2% Indians have experienced stay in a luxury hotel. There is a huge aspirational class of customers, as per an estimate 10% of the total population, who wish and desire to stay in a luxury hotel. And as on date there are 125000 luxury rooms in India, which will grow to 165000 by 2020. With industry average of 62% occupancy, 47500 rooms go vacant daily. icanstay is a market place/bridge for a large base of aspirational consumers and luxury hotels with vacant rooms.

icanstay offers 4 & 5 Star rooms all over India at an amazing and fixed price of Rs. 2999 [include GST] all around the year. No seasonal surges or city-based price. The portal wishes to upgrade budget hotel customer to Luxury hotel and make this his/her way of life. Users can purchase an open voucher valid for 11 months, which can be utilized in more than 50 cities.

Puneet Gupta, COO and Co-Founder, FTTL said

The investment would be utilized to beef up the technology and expand hotel network. We are strongly placed to help hotels fill their vacant rooms and increase their yield per room. Further we are continuously strengthening our product offering and user experience. We are targeting a turnover of Rs. 700 Crores by 2020.

The company’s USP has always been the price and flexibility that it offers to its customers, making luxury hotel stay affordable for as many people as possible.

About First Time Travellers Ltd

First Time Travellers Ltd is a Delhi-based online start-up in the travel e-commerce segment. It’s vision is to provide upgraded hotel experiences to aspirational consumers and frequent travelers in the country. For more information, please visit icanstay