Travelspice, India's only travel e-commerce platform where customer decides price she wants to pay for a hotel room, today closed early stage funding from Eagle10 Ventures.
Travelspice works with 3 star to 5 star hotels in more than 212+ cities across India and 6 cities outside India, helping them to reduce the loss of their revenues while at the same time giving travellers the best hotel deals.
Pramod Dsouza, co-founder of Eagle10 Ventures said, "The travel market in India is set to grow exponentially and we feel Travelspice through their opaque platform has the potential to capture a good chunk of this market. At Eagle10 Ventures, our focus is to invest in startups having 10x growth potential and Travelspice is a perfect example of that. Their business model is a win-win model for both end-customers who are looking at quality hotels at lower than market rates, and for hotels which are looking at increasing their occupancy constantly. Travelspice team lead by Ramu has delivered strong results over past 4-5 quarters validating their model. The team is very lean and very innovative when it comes to feature delivery."
All one needs to do is, open its app, pick the city, decide the price she wants to pay for a particular area, star rating, pay upfront and get confirmation in one of the listed 5 star to 3 star hotels in that star category and area in less than 3 hours. All hotels on Travelspice platform have a quality rating of greater than 3.5 on TripAdvisor.
"The double low price guarantee that comes with all hotel deals on Travelspice platform assures the best value to customers. So if a customer can find the same hotel accommodation anywhere else at lesser price, he or she can get double the price difference back as refund," said co-founder of Travelspice, Ramu Kallepalli. A serial entrepreneur, Kallepalli has founded 2 other startups based in Chicago and Hyderabad, before successfully exiting them to start Travelspice.
The startup mainly targets brand agnostic and value conscious consumers and provides them with guaranteed discounts on their hotel bookings. Hotels benefit as they can fill their perishable room inventories with fully paid and non-refundable customers on Travelspice platform without tarnishing their brand and without cannibalising their existing sales channels. This also allows them to white label their perishable inventory.