Wednesday, June 28, 2017
V Resorts Raises $4 Million In Third Round of Funding with Seedfund
V Resorts, an asset-light resort management company, recently raised $4 million in its third round of funding, with Seedfund and RB International. V Resorts currently manages over 70 resorts across 15 states in the country. The company operates on a business model of aggregating existing properties and managing the operations of those properties on a revenue share basis.
With this infusion of funds, V Resorts is all set to make a paradigm shift in the landscape of the leisure travel sector in India. Commenting on the development, Aditi Balbir, Founder and CEO of V Resorts said,“Our competitors are aggregators who solve the problem of discovery – ‘Where to go’. The travel space is flooded with such aggregators but no player is currently targeting the problem of on-ground experience. We at V Resorts solve the problem of customer experience – from manpower to vendors, procurement, booking, feedback etc. – covering the entire gamut of hospitality services. The funds will be utilized to further invest in these consumer and operator interfaces.We are also looking at doubling our inventory by the end of this year and are geared towards a three fold growth in the company.”
“Initiatives are in place to increase our footprints to over 1000 locations in India in the next two years. Keeping in mind our goal of going where Indians go, international expansion is on the cards as well. South East Asia is amongst the favorite overseas destinations with Indians, so it’s a prudent decision to focus our initial expansion efforts there,” added Aditi Balbir.
Commenting on the investment from RB International, “In this challenging ecosystem, V Resorts has a differentiated business model that allows for high profitability with occupancy increase. And given the high capital efficiency, the model can be scaled quickly”, said Harshavardhan Bothra, RB Investments Pte Ltd.
Executive Director Shailesh Vikram Singh, Seedfund which has invested in V Resorts in the initial phase as well said, “This is indeed exciting times for the travel leisure segment. Our strategy will be to build travel choices even to the most inaccessible places and create profitable businesses with the involvement of the local community.”V Resorts is an alternate accommodation provider in the leisure travel space. Since 2014, the company has been operating on the foundation of bringing superior quality and standardization to the less explored but breathtaking destinations of India. For customers who want to travel to new places and explore parts of India, the company promises a seamless standardised experience – from searching for information, making a booking, reaching the place to experiencing the local appeal of that destination.