While large companies such as Airbnb and other online travel aggregators have the resources to improve cost efficiencies, small business in hospitality space continue to struggle.
Revenue management startup, PriceLabs does exactly that and empowers small businesses in the short-term rental industry with AI and analytical tools.
Founded in 2014, Chicago-headquartered PriceLabs is a company offering a dynamic pricing and revenue management solution for the accommodation industry especially targeting small businesses. The company has raised $30 million led by Summit Partners.
In an interview with CNBC-TV18, Richie Khandelwal, Co-Founder & President of PriceLabs, said they plan to utilise these funds for building high quality products and for global expansion.
“We today have customers in 100-plus countries and to be able to serve these we need to build quality products. So a majority of our funding is going to go towards building high quality products, so that these customers are able to capture their value, increase revenues, reduce costs via automation etc. Secondly, we plan to expand our business around the world.”
Also, Shruti Gonsalves, MD & CEO of SEWA Grih Rin (Sitara) spoke about the company’s recent fundraise worth $20 million. Sitara is an affordable housing finance company of Self-Employed Women's Association Group (SEWA). The venture helps the under-served households get access to affordable and formal housing finance in urban and peri-urban locations.
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