Cloud-based hotel property management system provider Hotelogix has raised $5 million to accelerate product innovation and market expansion. The funding round was led by Vertex Ventures with participation from existing investors Accel Partners and Saama Capital.
The latest fund infusion will be used by the Noida-based startup to launch operations in Thailand and to target independent hotels in North and South America and in the UK.
Founded by Prabhash Bhatnagar and Aditya Sanghi in 2008, Hotelogix offers an all-in-one enterprise-grade cloud-based Hotel Property Management System (PMS), used by over 1500 hotels in more than 100 countries.
Hotelogix also integrates with travel agent networks and external booking sites, providing a wider inventory distribution along with real-time integration with them.
Hotel brands like Treebo Hotels, Mint Hotels, Leisure Hotels, and Country Inn Hotels & Resorts, are some of the chains that use Hotelogix’s services. The company was part of Microsoft Accelerator’s 11th cohort last year.
The company effectively assists hotels to streamline operations, grow booking revenues, and moreover to increase profit margins.
In November 2014, Hotelogix had secured $1.8 million from Accel Partners, with participation from an early-and-growth-stage VC fund Saama Capital. The firm had earlier raised $1.2 million led by Accel Partners, Blume Ventures, and Mumbai Angels in April 2012.
Indian tourism industry is projected to touch the market size of $157 billion by 2024 – up from $80 billion in 2013. The branded budget hotel alone contributes a $20 billion share in it.
The development was reported by TOI.