Real estate and technology firm Ektha.com Pvt. Ltd. has acquired 20% stake in city-based hostel and PG accommodation finding tech start-up Thinkwide, the company behind the PGO mobile and web application platform.
The stake has been acquired for ₹3 crore in the Series A round funding. Earlier this year, Silly Monks Entertainment and angel investors Sai Korrapati and SS Karthikeya had funded the start-up.
A press release from Thinkwide on Wednesday said PGO currently offers the most comprehensive selection of hostels and PGs with over 3,000 properties in Hyderabad and Bengaluru. The company will use the funds to expand its footprint to new cities and revamp technology.
“Our immediate plan is to widen our network of hostels and PGs that are budget-oriented and sociable accommodation across India and start influencing the property owners to own security, safety and serenity of their guests,” said Hari Krishna, founder and CEO of Thinkwide.
