[Funding alert] Hostel and PG booking platform PGO raises $2 M from new investors
Hyderabad-based Thinkwide PGO on Thursday said it has raised $1 million in equity funding from Sreeni Musani of Ektha Pvt. Ltd. and Narsi Reddy Posham of IRA Reality Pvt. Ltd. The startup has also received an additional commitment of $1 million in equity investment from the same set of investors.
The new investment will help the startup consolidate its service offerings, lay more emphasis on enriching its technology platform, widening properties network, and foray into newer cities.
Founded in July 2018, Thinkwide PGO helps users find hostels and PG accommodation. It functions as a peer-to-peer marketplace, connecting stay seekers with the providers.
The startup showcases verified properties on its platform and aims to provide users with data such as guest reviews and stay tariffs for pocket-friendly living options.
Speaking on the investment, Hari Krishna, Founder and CEO, PGO, said,
“We are excited to announce this new investment commitment from our investors – real estate veterans, Ektha’s Sreeni Musani and IRA Reality’s Narsi Reddy Posham. This reaffirms the investor's faith in our business model and the uniqueness of our product.”
Since its launch, PGO has expanded its field operations to four cities in India and has added 13,072 properties, which offers close to 6,33,624 beds. Till date, the platform claims to have close to 157,199 users and has recorded 205,782 total stay days on its properties.
The accommodation startup aims to hit 1.8 million online bookings by 2025.
Commenting on the investment, Sreeni Musani and Narsi Reddy, added,
“As investors, above and beyond the business model, the innovation, and problem-solving technology solutions excites us before we invest in any company. PGO is perfect in that manner.”
While announcing the investment, the company also unveiled PGO Prime Membership, which will allow its members to receive benefits including – 10 percent savings on all bookings, and access to exclusive deals.
By the year 2020, Thinkwide aims to introduce PGO services to 10 more additional cities and add 10,000 more properties on its mobile and web platforms.
(Edited by Suman Singh)