Proptech startup Silkhaus raises $7.75M seed funding

Silkhaus, a platform for short-term rentals, has raised $7.75 million in seed funding. Based out of UAE, the startup is coming out of stealth mode. The round saw participation from Nuwa Capital, Global Founders Capital, Nordstar, Yuj Ventures, Whiteboard Capital, and VentureSouq.

Global proptech entrepreneurs, international family offices, and business leaders too participated in this round of funding.

Following this investment, Silkhaus will accelerate its expansion across MENA, South Asia, and Southeast Asia. The company is building out its technology stack, led by Ashmin Varma who previously developed cutting-edge technologies for global proptechs.

Silkhaus will grow the supply of properties on its platform, with a focus on hiring extensively for technology and strategic roles.

The startup provides asset owners with tools to monetise and manage their properties as short-term rentals. Founded in 2021 by Aahan Bhojani and Ashmin Varma, the startup has seen a 10X growth in 12 months, while operating in stealth mode.

Aahan is a graduate of Harvard Business School and Yale College, and has worked across management consulting, investment banking, and product management, in roles that required extensive travel.

"The nature of real estate has fundamentally changed over the last decade, particularly over the course of the pandemic. Hospitality and online rental platforms have been restricted only to aggregating online demand for alternative accommodation. As travellers have sought flexible stays, we have witnessed the global rise of short-term rentals. However, the management of these properties is highly fragmented and largely offline. Property owners lack the technology and know-how to deliver a world-class and standardised experience," Aahan said.

Realising that leisure and business travel preferences had changed, Aahan founded Silkhaus to reimagine accommodation experiences for medium and long-stay travel across high-growth emerging markets.

The company stated it has identified a $13 billion total addressable market (TAM), MENA, South Asia and Southeast Asia to unlock growth opportunities for asset owners.

Aahan added, "We are building the operating system for property owners, large or small, to operate high-quality short-term rentals and deliver memorable guest experiences. With the backing of our global investors, we are excited to build Silkhaus into a global category-leader."

Silkhaus develops tools to optimise revenue and streamline operations for property owners. Silkhaus’ operating system provides consistency, transparency, and reliability to property owners, allowing them to list multiple or single units on the platform with an average revenue yield increase between 20 - 40%.

“Our investment in Silkhaus, alongside global technology and strategic investors, reflects our belief in the future of accommodation solutions and Silkhaus’s ability to operationalise and scale the affinity that customers will expect of the Silkahus brand. Aahan and Ashmin have differentiated themselves in the right ways with an early emphasis on solid unit economics, market leading NPS, and a value add for all of their stakeholders, including guests and property owners,” said Nitin Reen, Partner at Nuwa Capital.

With operations planned for Asia’s leading economic hubs, Silkhaus provides guests with high-grade accommodation options, located in proximity to central business districts and leisure destinations. Enterprises from around the world also choose Silkhaus for qualified long-stays for their employees.

Silkhaus says its technology is connecting supply and demand. It has onboarded talent from the global start-up ecosystem to attract professionals from Microsoft, Airbnb, Careem, Deliveroo and other technology businesses. Silkhaus is home to employees from 12 nationalities with women comprising nearly 40% of its team. 

“We are excited to see Silkhaus emerge as the leading platform for short-term rentals across Asia, and in particular excited to partner with Aahan and his team who in a short time have proven their ability to disrupt two large and fragmented industries: real estate and hospitality. In Silkhaus we found a product that is loved and recognised by property owners, travellers and enterprises alike, and are tapping into the rapid growth of short-term rentals in emerging markets," said Ole Ruch, Managing Partner at Nordstar.

Having raised its seed round, the company will focus on growing global supply on its platform to keep up with demand from guests. Silkhaus anticipates its market opportunity to grow to $18 billion by 2026, across MENA, South Asia and Southeast Asia.