Accel-backed Hotelogix looking to raise fresh round of funding to further expand in overseas markets
Noida-based HMS Infotech Pvt Ltd, which owns and operates Hotelogix, a cloud SaaS-based property management system (PMS) for small and medium scale hotels, is looking to raise a fresh round of funding to expand to more overseas markets and scale up its product offerings. Hotelogix, which in April last year raised $1.2 million led by Accel Partners with participation from Blume Ventures and Mumbai Angels, is also looking to introduce new revenue streams soon.
"We are meeting our investor Accel Partners in the coming days which will start the efforts toward our plans to raise funds. A clear picture will come out after this meeting, and I can share the details after that," Hotelogix co-founder and CEO Aditya Sanghi told VCCircle.
Hotelogix was founded in 2008 by Prabhash Bhatnagar (executive chairman) and Sanghi. It offers a unified approach to meet functions like front-desk operations, housekeeping and restaurant operations at hotels. It is targeted at budget and mid-market hotels and hotel chains, motels, resorts, boutique hotels, service apartments, bed-and-breakfasts and hostels. The firm charges $3 per room per hotel from the customers every month.
The company claims that it currently has more than 500 customers in 66 countries across Asia, Europe, North and South America and Africa. Most of its customers are from North and South America and these markets contribute a major chunk of its overall revenues. Sanghi said India contributes hardly 10 per cent to its revenues.
"Our major focus will always be Americas. However, we are also aggressively tapping into the non-English speaking markets in Europe and APAC regions. We will also launch the product in multiple languages," Sanghi said. "As of now, we support English, Spanish, Portuguese, Arabic and Thai," he added.
According to Hotelogix, its customer acquisition rate has gone up to more than 50 per cent over the past two-three quarters. "With our existing revenue streams we can derive up to $400 per month from a 50-room property. We are soon introducing new revenue streams by launching revenue management tools for our customers."
The company employs around 60 people from different countries, including Argentina and Spain, to handle operations in respective markets.
(Edited by Joby Puthuparampil Johnson)