Wednesday, Dec 19 2018 | Time 15:37 Hrs(IST)
image
  • Gir lions accident: Tracker's service terminated for negligence of duty
  • Bulandshahr violence: Yogi meets kin of Sumit
  • Etawah Safari Park all set for tourists
  • Jaitley releases 'Strategy for New India'; says economic polices aim to achieve faster growth
  • Jaitley releases 'Strategy for New India'; says economic polices aim to achieve faster growth
  • China, EU decry US tariffs, blockage of Appellate Body appointments
  • 'Mera Bharat Mahan' says Pak-returned youth Hamid Ansari's mother
  • 111 year old Shivakumara Swamiji of Siddaganga Mutt returns after 13 days treatment at Chennai
  • Question Hour washed out in UP assembly due to opposition pandemonium
  • US forces establish new base in Iraq near Syrian border: report
  • Centre submitted false affidavit to SC on Rafale: Pallam Raju
  • India, Korea explore new avenues of Korean investment in India, says Sushma
  • Temperatures plummet in Karnataka due to strong northerly winds
  • US state department approves sale of Patriot missiles to Turkey
  • Temple tragedy: Condition of people admitted after they fell ill following food poison in the prasada served is improving
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

Bullion Market closing rates

19 Dec 2018 | 3:17 PM

Chennai, Dec 19 (UNI) Following is the bullion markets
closing rate here today.

 Sharesee more..
Karnataka Bank ties up with Paisabazaar com for Home loans

Karnataka Bank ties up with Paisabazaar com for Home loans

19 Dec 2018 | 3:16 PM

Mumbai, Dec 19 (UNI)Private Sector lender, Karnataka Bank as part of digital initiative has announced its strategic partnership with Paisabazaar.

 Sharesee more..

Kozhikode Coir market

19 Dec 2018 | 3:10 PM

Kozhikode, Dec 19 (UNI) Following were the rates in the
Kozhikode Coir market today per quintal.

 Sharesee more..

Kozhikode Oil Market

19 Dec 2018 | 3:09 PM

Kozhikode, Dec 19 (UNI) Following were the rates in the
Kozhikode Oil Market today per quintal.

 Sharesee more..

Kozhikode Spices market

19 Dec 2018 | 3:09 PM

Kozhikode, Dec 19 (UNI) Following were the rates in the
Kozhikode Spices market today per quintal.

 Sharesee more..
image