Vacation home platform SaffronStays raises $3.5 M funding from Infinity Ventures
Family offices participated in a $3.5 million fundraising round led by Infinity Ventures for the managed vacation home platform SaffronStays. Sixth Sense Ventures, an existing investor, made a partial secondary sale in addition to providing new main funding.
Established in 2015 by Tejas and Devendra Parulekar, SaffronStays runs a network of vacation houses, heritage homes, and managed villas around India.
The funds will be used by the Mumbai-based business to develop new and existing leisure locations, invest in product and technology development, improve visitor experiences, and increase the number of managed houses in its portfolio.
Currently, SaffronStays oversees more than 450 properties in more than 80 locations, including Delhi NCR, Maharashtra, Goa, Himachal Pradesh, Uttarakhand, Karnataka, Kerala, and Rajasthan.
The company claims that during the previous two fiscal years, inventories in its target markets increased by 70% in North India, 90% in South India, and 200% in Goa.
According to the startup, it has been profitable for four years running. Premium residences now account for more than half of company revenue, with direct reservations accounting for roughly 70% of total business.
With an emphasis on carefully chosen stays, destination-led experiences, family vacations, celebrations, and corporate offsites, SaffronStays intends to increase its market share in the upscale and experiential hospitality sector.
Through its hotel management platform, the company also collaborates with homeowners to manage and profit from second homes.
