The acquisition will help WudStay to expand into 6 new cities and grow its network of properties which currently are 150 as listed on its platform. Currently, it is present in Gurgaon, Manali, Delhi, Corbett, Haridwar and Jaipur. Post acquisition it will expand into Varanasi, Goa, Mumbai, Chandigarh, Dehradun and Pune.
As part of the deal, Awesome Stays team including CEO Deepak Sharma will join the Wudstay team, as reported by ET.
Founded in April 2015 by Prafulla Mathur, WudStay had raised a Series A funding of $3 million from venture capital firm Mangrove Capital Partners and Nimbuzz chief executive officer Vikas Saxena. It competes with other travel stay aggregators like Oyo Rooms, Zip Rooms and Zo Rooms.
WudStay’s CEO Prafulla Mathur said, “The acquisition of Awesome Stays has come in at a time when Wudstay is aggressively looking at expanding its network across cities. Deepak has been running Awesome Stays for 2 years and his experience will help us a lot. We are looking at expanding to 65 new cities in the next 18 months.”
In August 2015, Oyo Rooms raised a funding of $100 million from SoftBank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India. In February 2015, another player in the same segment, Stayzilla raised an investment of $20 million in Series B round from Nexus Capital and its existing investors Matrix Partners.
This space also seems to be investors new found area of interest. While OYO Rooms, ZO Rooms and Stayzilla are at present fighting it out for investment and customers, there still seems to be a lot of scope for more players to jump into this field.Category Business