Oravel Stays Pvt Ltd, a Delhi based startup that deals in social marketplace for private rooms, serviced apartments across India has received funding from DSG Consumer Partners and Lightspeed Venture Partners reported VCCircle. Oravel has online marketplace called – Oravel.com for finding short-accomodation rooms, an alternate to hotels.
As per reports DSG Consumer Partners and Lightspeed Venture Partners have together invested $650,000 (Rs 4 crore) in the Oravel.
Oravel has also launched a new website aka marketplace called Oyo Rooms for serviced apartments. OYO stands for quirky words ‘On Your Own’, the new website OYO Rooms, in ots own words is a marketplace / chain of branded budget rooms with standardization of experience.
The latest fundings received Tis expected to be invested in expanding Oyo Rooms website. These rooms or hotels will not be owned by the company, hence an asset light model. Currently, the service is available only in Gurgaon, where it has partnered with over a dozen hotels.
Older website Oravel.com currently allows to book more than 3500 affordable boutique guest homes, inns, bed and breakfasts, serviced apartments, holiday rental, palaces etc. Earlier in year 2012 Oravel had received funding from VentureNursery’s Angels which is India’s first angel-backed start-up accelerator.
Oravel was founded in 2011 by Ritesh Agarwal, who was born in Bissam Cuttack, a village in the Rayagada district of Orissa, Ritesh created Oravel when he was 17, thereafter after receiving funding Manish Sinha of Gurgaon based Cinnamon Stays has joined Oravel as a co-founder.
Ritesh Agarwal was among the 10 winners of the 2013 Thiel Fellowship and was awarded $100,000 as grant to entrepreneurs under 20 years of age, Ritesh invested this money in his venture Oravel.com.
Another website of same concept in India is Stayzilla which in October last year raised Series A funding from Matrix Partners India. The concept of alternate to hotel accommodation and its booking online gradually rising.