SavvyMob, an online marketplace that offers last-minute hotel bookings to customers, has raised about $1 Mn in a seed round of funding led by former Infosys veteran, TV Mohandas Pai and Let’sVenture, an online fundraising platform.
The startup will use the funds to expand to 50 more cities, strengthen its technology team and improve the product.
SavvyMob was founded in 2013 by former AOL executives Bikram Sohal and Gappan Annamalai. It is an app based platform offering services in 50 Indian cities.
Bikram, said, “It’s still early days in the grand scheme of things in India, mobile technology is still very small. But the people who are spending now and will be spending more in the future are doing it on these devices. This is why we felt the need to address last-minute bookings.”
The startup has signed up with chains of hotels such as the Lalit, Oberoi Hotels & Resorts, Movenpick, Le Meridien, Royal Orchid, Oyo Rooms, Radisson and Park Plaza etc.
Its competitor, RoomsTonite raised $1.5 Mn in seed round funding in December last year.