V Resorts, Noida-based Resort Management Startup today announces that it has raised $4Mn in third round funding led by Seedfund and RB International. The raised capital would be utilized to double its inventory by end of this year. The company will also invest in consumer and operator interfaces.
Commenting on the investment, Executive Director Shailesh Vikram Singh, Seedfund which has invested in V Resorts in the initial phase said, “This is indeed exciting times for the travel leisure segment. Our strategy will be to build travel choices even to the most inaccessible places and create profitable businesses with the involvement of the local community.”
Founded by Aditi Balbir, an ISB alumnus, the startup is an alternate accommodation provider in the leisure travel space. It was launched as a budget accommodation play in 2011 and then pivoted to a premium model in 2014. It operates as an aggregator on a revenue share basis.
Today, the startup claims to manage over 70 resorts in 15 Indian states and looking to expand in Southeast Asia.
Commenting on the funding, Aditi Balbir, founder and CEO of V Resorts said, “Our competitors are aggregators who solve the problem of discovery – ‘Where to go.’ The travel space is flooded with such aggregators but no player is currently targeting the problem of on-ground experience. We at V Resorts solve the problem of customer experience – from manpower to vendors, procurement, booking, feedback etc. – covering the entire gamut of hospitality services.”
For its customers, V Resorts provide a seamless experience such as searching for information, making a booking, reaching the place, to experiencing the local appeal of that destination. The company has raised $9 Mn in total funding till date. Earlier in 2014, V Resorts had raised $2 Mn from Seedfund.
The industry is dominated by some of the well-funded company in the hotel accommodation space include OYO Rooms, Treebo, Lemon Tree Hotels among others.