BUSINESS

Mohandas Pai, Ranjan Pai-backed fund invests in SavvyMob

Aarin Capital, run by former Infosys Director TV Mohandas Pai and Manipal Group scion Ranjan Pai, has led a seed investment round in SavvyMob, which offers an app to book hotels. Angel investors from online funding raising platform LetsVenture also participated in this round.

SavvyMob, which provides an on-demand mobile marketplace for last minute hotel booking, will use the money to scale up its operations and hire talent.

Inventory

It plans to add on-demand hotel inventory of over 5,000 hotels across 100 cities in the next few months.

“There are now a lot young impulsive and spontaneous leisure travellers,” said Bikram Sohal, chief executive of SavvyMob. “They don’t plan one month in advance to travel.” He declined to reveal the amount raised in this round.

Mr. Sohal founded the firm three years ago along with Gappan Annamalai, his former colleague at media technology company AOL. The company said digital hotel booking market is around 30 per cent of the overall Indian hotel market but is growing at a rapid pace. It said Google expects the digital hotel booking market to more than double to $1.8 billion (Rs.12,000 crore) by this year. SavvyMob sees majority of those transactions happening on mobile devices.

“Strong relationships with hotels and a strong technology platform make SavvyMob a leading aspirant in this space,” said Mr. Mohandas Pai, co-founder of Aarin Capital in a statement.



SavvyMob will use the money to scale up its operations and hire talent



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