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IntelliStay Hotels announces equity investment from promoter group Prama
Wednesday, 15 May, 2019, 13 : 00 PM [IST]
Our Bureau, Mumbai
Mumbai-based hotel company Intellistay Hotels Pvt. Ltd has announced a fresh round of equity infusion from promoter group Prama Hotels Pvt. Ltd.
 
IntelliStay operates full-service hotels under three brands: Mango Hotels, i-Stay Hotels and Apodis Collection. The company last raised an equity round in tranches from Apodis Hotels and Resorts Ltd who now hold a significant majority stake in IntelliStay Hotels. Prama is the promoting company of Apodis. Since 2012, IntelliStay has signed and opened 23 hotels till March 2019. Another 30 hotels are in the signed and project stage with a target of over 2,500 keys operational by March 2020.
 
Prama recently completed a strategic round of investment from TripBorn, Inc., an emerging Indian last mile commerce and connectivity platform. As part of the deal, Prama will use the infusion to drive the businesses of IntelliStay and the other group company, Apodis Foods & Brands Ltd, which provides food & beverage services to several popular economy hotel chains across India.

The transaction is expected to add immediate scale to the businesses within India’s growing hospitality segment. Prama generated approximately US$8.5 million in revenues from its operating entities for the year ended March 31, 2019, and generated positive cash flow from operations.

“This is a transformational opportunity for our company,” commented Deepak Sharma, CEO, TripBorn. “The addition of the Prama team and their rapidly scaling hotel platform is a very unique opportunity to serve India’s growing market, where over 650 million young population aged between 24 and 35 driving demand for affordable, quality, branded hotel experiences. Prama is extremely well positioned as one of the first operators in India to recognise the power and value of an asset-light business model by developing affordable hotel brands that deliver consistent hotel guest experience and quality service at attractive prices.”

Sharma continued, “Our plan is to leverage the TripBorn technology platform to deliver consistent hotel guest experiences and address emerging user categories. We are optimistic that this acquisition could drive hyper revenue growth over the next several years, including the addition of new hotels.”
 
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