Hyderabad: Hyderabad-based real estate and technology firm Ektha.com has acquired 20 per cent stake in Series A funding round in Hyderabad-based Hostel and PG Accommodation Finding tech startup Thinkwide for an amount of Rs 3 crore at a valuation of Rs 15 crore.
Earlier this year Silly Monks Entertainment and two other angel investors Sai Korrapati and SS Karthikeya had funded this start-up which is growing at a fast pace. Thinkwide’s app PGO currently offers the most comprehensive selection of hostels and PGs with over 3,000 properties in Hyderabad and Bengaluru located in different parts of the cities. The company will use the funds to expand its foot print to new cities and revamp technology to give superior experience to users in choosing a right and pocket friendly stay.
Hari Krishna, founder & CEO, Thinkwide said, “Today, 99% of the hostel and PG bookings are offline and ‘PGO’ is the first mobile app to offer online bookings and payments. We will leverage on the Ektha network and experience and widen our network of Hostels and PGs which are budget-oriented and sociable accommodation.”
Divulging the immediate expansion plans Thinkwide executives stated PGO will roll-out its operations in Chennai and Pune cities this fiscal year and by 2019 PGO aims to establish its presence in top 10 cities of India which holds a lion share of hostel and PG network. By the year 2020, Thinkwide aims to introduce PGO services to 15 additional cities in India summing up to 25,000 properties on its mobile and web platform.