SaffronStays, which started with one property in October 2015 in Matheran called SaffronStays Parsi Manor, announced its expansion plans to other parts of the country. Devendra Parulekar, Co-Founder, SaffronStays, says, “We currently have 28 properties and plan to add 40 more by the end of December 2017. The goal is to have over 2,000 properties managed and branded by SaffronStays in the next five to seven years. Now that we have cracked the product-market fit, achieved unit-level and even transaction-level profitability, and also understood all the operational problems associated with the model and figured out ways to overcome these problems, we think it is time to raise some serious money to rapidly scale the business.”
According to the company, it has clocked over USD 1 million in revenues in less than 19 months since it started. SaffronStays is largely operational around Mumbai, Pune, Goa and a few chosen locations in Uttarakhand, Rajasthan and Tamil Nadu.