Goa, Lonavala, Kasauli and Coorg were the most frequented holiday destinations in the year, with homes that have in-built swimming pools and hot water tubs being the most popular picks, according to Amit Damani, co-founder, StayVista, a luxury villa rental startup.
The pandemic had dealt a severe blow to the travel and tourism space and StayVista was no exception. But, Damani said his company was quick to bounce back and not only has the company returned to the pandemic levels, but has also doubled its revenue from early 2020.
The company is expected to close FY2023 with a revenue of Rs 160 crore, while incurring losses of Rs 12 crore, up from a revenue of Rs 100 crore and a loss of Rs 6 crore in FY22. The revenue stood at Rs 43 crore and operated at a break even bottom line in FY21.
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StayVista now aims to clock a revenue of Rs 1,000 crore in three-four years while still remaining in the red, something Damani said wasn’t a concern for the company yet since it was making profits from bookings but was investing in technology and people.
“We’ll look to acquire smaller players with a revenue of about Rs 10 crore that operate about 10-15 homes as we’re working to bring in about 20% of our overall revenue through inorganic means,” Damani said. Ooty, Goa, Lonavala, Kasauli are a few locations the company is keen on.
Maintaining its leadership position in the space both in terms of revenue and number of homes, StayVista’s villa base has grown from around 330 to over 550 in the past six months. That number would likely double in 12 months and will further increase to 2,500 homes in about three-four years, to achieve its revenue targets, Damani said.
“The idea is to provide a mini resort sort of an experience to each customer, while breaking away from a hotel-like setup as travellers look to spend more time and money on bigger, more luxurious villas after two years of Covid-induced lockdowns,” Damani said.
Broadly, StayVista’s properties can be categorised in two: premium and luxury, which are split in the ratio of 75:25, respectively. The premium villas, which compete with the three and four star hotels, are priced at about Rs 22,000 for four rooms while the luxury ones, at a five star, are priced between Rs 50,000 to Rs 80,000 per night, Damani said.
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Further, during peak-season, around December-end for instance, StayVista inflates prices by a whopping 50-70% to cater to the growing demand. Overall, StayVista earns about 30% on each booking. On an average, StayVista has about 40 villas in each of the 14 states it is present in and plans to expand its footprint to other states.
To further diversify its revenue streams, Damani said StayVista will ramp up its food and beverages (F&B) offerings, scale up activities on the site. The company has raised close to $13 million from investors like DSG Consumer Partners, Capri Global Capital, CA Holdings and is valued at around $30 million, according to Tracxn data.