Friday, Aug 17 2018 | Time 12:34 Hrs(IST)
image
  • Pakistan ban batsman Jamshed for 10 years for corruption
  • Imran vs Shehbaz: NA to elect new PM today
  • Imran Khan opts for simple oath-taking ceremony
  • Bhutan King arrives Delhi to attend Vajpayee's cremation, other dignitaries expected
  • Cauvery inspate downstream KRS/Kabini, land slides in Kodagu
  • US threatens more action against Turkey unless pastor freed
  • US military parade ordered by Trump postponed 'to 2019'
  • Devastating rain claims over 164 lives in Kerala so far; House, Crop loss estimated at Rs 68 27 cr
  • Major currencies down
  • Forex market closed on Friday
  • The Rohingya lists: refugees compile their own record of those killed in Myanmar
  • I feel like I have lost my father all over again: Ramchandra Bade’s daughter
  • Devastating rain claims over 100 lives in Kerala so far; House, Crop loss estimated at Rs 68 27 cr
  • Injury forced Vajpayee to stay in MP's Sehore for two-and-half months
  • Pak Minister Ali Zafar to attend Vajpayee's funeral, Putin condoles death of former PM
Business Economy Share

SaffronStays in expansion mode, now targets South India

SaffronStays in expansion mode, now targets South India

Mumbai, Nov 30 (UNI) SaffronStays, a micro-hospitality start-up, which curates boutique homes

across the country, is now looking to position itself as a category creator in the micro-hospitality

industry and establish an Indian market for highly curated vacation rental and holiday experiences.

The brand that has acquired more than 30 exclusive homes across the country with a strong

presence in Maharashtra, Goa, Tamil Nadu, Rajasthan and Uttarakhand is now looking to

replicate its successful model in southern states of Kerala, Karnataka, Tamil Nadu and Puducherry,

with a target of acquiring and managing 45 homes with 180 rooms across 6 states by the end of

FY 2018.

As tourism in South India is fueled by abundant tea and coffee estates, culturally rich packages and

royal, heritage homes, SaffronStays aims to tap into markets like Coonoor, Coorg, Munnar,

Yercaud and Puducherry that align with the brand outlook.

By onboarding over 2,000 homes in the next 3-4 years, the company has set its target to an inventory

of over 10,000 rooms. With an Average Room Rate of Rs 7,500, SaffronStays aims to compete with

global giants based in Europe, USA and China that were valued at 200 million USD via corporate

M&A transactions over the past 12 months.



The company is looking to raise 20 million US Dollars to fund these expansion plans and strengthen

their position across India and the world.

Talking about the expansion plans, Devendra Parulekar, founder, SaffronStays, said, "We are specifically

targeting watering holes of high net worth individuals - exclusive clubs and associations like member-driven gymkhanas and owners' associations to spread the word.'

These homeowners are money rich and time poor, and we want to restore and manage their estates for them. Owners of large ancestral homes in Coorg and Coonoor were the flag-bearers of homestays in

India, and we want to make sure their product is available to a larger market via our services.

"At present, the Indian leisure home market is sparsely populated - approximately 2,00,000 homes across the country. Over the next 7 years, this number is projected at 7,00,000 homes," he said.

"The scope for penetration is immense. SaffronStays Milton Abbott, Ooty is one such home that highlights the charm of a restored and well-maintained heritage home. The 1865-built royal home situated next to Ooty Golf Course and Gymkhana, is surrounded by a 4.5 acre estate that is a respite from a saturated Ooty market. Such

homestays are now widely accepted in India, and SaffronStays eyes to be the national leader in this space," Mr Parulekar added.

UNI JM SS AE1228

More News
Ashok Leyland wins order for 300 Double Decker buses in Bangladesh

Ashok Leyland wins order for 300 Double Decker buses in Bangladesh

17 Aug 2018 | 12:04 PM

Chennai, Aug 17 (UNI) Ashok Leyland, the flagship of Hinduja Group, on Friday announced that it has won an order from Bangladesh Road Transport Corporation (BRTC) for the supply of 300 Double Decker buses.

 Sharesee more..
Sensex bounces back by 291 62 pts

Sensex bounces back by 291 62 pts

17 Aug 2018 | 12:03 PM

Mumbai, Aug 17 (UNI) The benchmark index of Bombay Stock Exchange (BSE) on Friday bounced back by 291.

 Sharesee more..

Major currencies down

17 Aug 2018 | 11:58 AM

Mumbai, Aug 17 (UNI) Following were the indicative currency rates and travellers' cheques buying and selling rates per unit on Friday.

 Sharesee more..

Forex market closed on Friday

17 Aug 2018 | 11:57 AM

Mumbai, Aug 17 (UNI) Forex and money markets remained closed on Friday on account of 'Parsi New Year', dealer informed.

 Sharesee more..

Bullion Market Opening rates

17 Aug 2018 | 10:41 AM

Chennai, Aug 17 (UNI) Following is the bullion
markets opening rate here today.

 Sharesee more..
image