Hyderabad-based hospitality startup PGO has announced a fresh round of funding of $2 Mn from Ektha’s Sreeni Musani and IRA Reality’s Narsi Reddy Posham. The startup has also received an additional commitment of $1 million in equity investment from the same set of investors. The companies previous investors and strategic partners include filmmakers Sai Korrapati, SS Karthikeya, Sanjay Reddy and Anil Kumar.
PGO wants to use the funding to expand its property network and services into 10 more cities for a total of 14 cities with more than 90% footprint in India. Moreover, it plans to enhance the tech that powers its tenant-landlord matchmaking and targets 1.8 Mn online bookings by 2025. PGO currently claims to manage over 13K properties with 6.3 Lakh beds. The hospitality startup claims to have brought over 1.57 Lakh customers on board who have collectively recorded over 2 Lakh total stay days.
Founded in July 2018, Thinkwide PGO helps users find hostels and PG accommodation. It functions as a peer-to-peer marketplace, connecting stay seekers with the providers. The startup showcases verified properties on its platform and aims to provide users with data such as guest reviews and stay tariffs for pocket-friendly living options.
Speaking on the investment, Hari Krishna, Founder and CEO, PGO, said, “We are excited to announce this new investment commitment from our investors – real estate veterans, Ektha’s Sreeni Musani and IRA Reality’s Narsi Reddy Posham. This reaffirms the investor’s faith in our business model and the uniqueness of our product.”
In its media statement, the company has also announced a new feature called ‘PGO Prime’ membership, which will provide multiple benefits to the users, including a 10% discount on all bookings.
Commenting on the investment, Sreeni Musani and Narsi Reddy, added, “As investors, above and beyond the business model, the innovation, and problem-solving technology solutions excites us before we invest in any company. PGO is perfect in that manner.”
Since its launch, PGO has expanded its field operations to four cities in India and has added 13,072 properties, which offers close to 6,33,624 beds. Till date, the platform claims to have close to 157,199 users and has recorded 205,782 total stay days on its properties. The accommodation startup aims to hit 1.8 million online bookings by 2025.
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