Company Name : Stay Simple
Funding Amount : Rs 5 crore
Investor(s) Sudhir and Shalini Sethi Praveen Someshwar. .
Funding Round : Angel round
Bangalore-based Stay Simple Resorts has announced that it has raised angel funding of Rs 5 crore from the family office of Sudhir and Shalini Sethi (Mr. Sethi is the Chairman of IDG Ventures India) and Praveen Someshwar (Sales Head, PepsiCo, AsiaPac).
Founded in 2008, Stay Simple Resorts is a mid-budget leisure resort chain and currently owns, manages and operates about 500 rooms in16 resorts in 12 popular tourist destinations across India: Coorg, Goa, Hassan, Sakleshpur, Wayanad, Mysore, Mussoorie, Jaipur, Pushkar, Jaisalmer, etc.
With this funding, Stay Simple is aiming to expand to newer geographies and enhance capacity to more than 2000 rooms in the next six months.
Gopalkrishna Kulkarni, the Founder and MD, said, “This has given us an impetus to grow and maximise our potential. The aim is to be present in at least 400 destinations in the next 3 years. We have already served over 1,00,000 customers, many of them being loyal customers. Closing a significant round of funding is acknowledgement of our proposition and underscores the huge potential of the mid-budget segment of the market. We are really excited and now better-equipped to realize our ambition of becoming the largest and most-preferred brand in the leisure space.”