Ektha.com acquires 20% stake for Rs 3.0 Crores in PGO, a Hostels and PG Finding App
Hyderabad: Ektha.com Private Limited, a city based real estate and technology firm has acquired 20% stake in Series A funding round in Hyderabad based Hostel and PG Accommodation Finding tech startup Thinkwide - developer of PGO mobile & web application platform for an amount of Rs. 3 crores at a valuation of Rs 15 crs.
Earlier this year Silly Monks Entertainment and two other angel investors Sai Korrapati and SS Karthikeya had funded this start-up which is growing at a fast pace.
According to press release issued by Thinkwide, PGO currently offers the most comprehensive selection of hostels and PGs with over 3000 properties in Hyderabad and Bengaluru located in different parts of the cities. The company will use the funds to expand its foot print to new cities and revamp technology to give superior experience to users in choosing a right and pocket friendly stay.
Announcing this today Hari Krishna, Founder & CEO of Thinkwide founded in 2015 said, today, 99% of the hostel and PG bookings are offline and 'PGO' is the first mobile app to offer online bookings and payments. Highlighting the Ektha partnership "Thinkwide will leverage on the Ektha network and experience, our immediate plan is to widen our network of Hostels and PGs which are budget-oriented and sociable accommodation across India and start influencing the property owners to own Security, Safety and Serenity of their guests. Our objective is to influence the percentage of daily stays at hostels and PGs as the tariffs are pocket friendly to common man."