BookBySlot is an travel tech platform for booking hotels for short stays during transits and layovers in India. We aim to be a marketplace for shared services in future like hotels, co works, co live, coffee tables daycations and staycations . Travelers can book hotels on 4 hours, 8 hours and 11 hours slot from our platform and apps in more than 1350 hotels around India and save upto 70% by not booking a full day.
14000 signed up users More than 5000 bookings till date $135,000 in gross booking value. 1350 hotels onboard in India with marquee names like Pride, lemon tree, redfox, Lalit, Radisson ITC Welcome hotels on the model. Partnerships and live on Paytm app with access to 500oM users, live on phone pe app with access to 250M users, Going live on Jio platforms as the first transactional app on the store with access to 400M users.
Our Total available market world wide is $50B Our service able market which is India right now is $9B and target market share is 5% which is $450M in only India and much bigger globally. We have about 100M travelers in India alone looking for hotels for short stay. Mostly are men booking between 22 to 45 who are travelers and also women for leisure and daycations. Our customers are corporates, students, entrepreneurs, transit travelers, pilgrimage travelers and small scale traders.
Problem or Opportunity
Opportunity for travelers -Price is an important concern for a customer when booking online. -Not able to book Hotels and other shared services on slot basis only for the time you need. -No easy way exists to book Day-Use hotels, coffee tables, daycations and staycation on one platform. -Not able to get maximum flexibility of booking hotels and shared services without standard check in and check out time
Opportunity for hotels -Unused inventory of hotel rooms have gone up to more than 70% post covid 19. -Occupancy levels in restaurant and bars of hotels have gone below 30% -Hotels are not able to optimize their existing inventory of rooms and tables -Average Room Rent and Revenue per user has gone down drastically post covid 19.
Solution (product or service)
BookBySlot provides a platform to book short hotel stays for a few hours during transits and layovers in 1350 hotels around India. We also provide work from hotels for corporates, and working people to work and hold meetings in hotels by booking rooms for work with amenities or book coffee tables for work. We provide daycation for families and couples looking to spend good quality time in hotels. We are launching staycations for long stay on bookbyslot.com soon.
Hotels for a few hours solves the problem of micro stays in hotels for travelers which is a global problem. Travelers can book hotels for a few hours and save by not booking full day's hotel stay. Corporates need place to work post covid 19 as they have given up on office leases so we provide on demand work from hotels and coffee table bookings. Millennials and families need daycations and they have been lost locked because of lock down.
So our marketplace will solve all the problems for hotels and travelers. Our marketplace model will solve the shared services problem for shared economies like India and south east Asia and also generate more employment.
Competitor is India is mistay.in less than 5% Globally - byhours.com, dayuse.com, hotelsbyday.com less than 10% Existing alternative to the bookbyslot.com model - sit at airport and railway stations, malls and restaurants, waiting lounges or book a hotel for full 24 hour using an Online travel aggregator.
Advantages or differentiators
We provide dynamic slotting of hours in the slots to be booked where in the competitors have static slotting and the time is fixed for check in like 7 am to 11 am, 12 pm to 8 pm this reduces flexibility of the model and defeats the whole purpose. Also the wide network of hotels we have Pan India is not an easy task to replicate. Differentiators for future- Direct connectivity with the PMS of hotels which is oracle opera which has 90% pms market share globally, no one else has direct connectivity on the model with oracle. We are building market place which is changing consumer behavior and creating a repeatable behavior to spend less and share more which cant be copied or replicated easily and we will be the first movers.
We take 20% commission on every booking generated from bookbyslot and the same is charged to hotels. We also plan to charge 3% convenience fees to travelers in future on every booking like any other OTA. Our revenues streams for future are:- Listing fees from hotels Subscription model on monthly recurring revenue from travelers for all the services given on the platform. Marketing ads B2B Single api model for hotels, developers and OTA. We burn zero marketing $ and do marketing with giants like paytm, phone pe with partnership model.
Our Business model right now is B2C where the end customer books a hotel on the platform or apps and goes to stay in the hotel. Hotel pays us 20% for every booking we give to the hotel. Our channels of distribution for more revenues is through partner ships with giants like paytm valued at$16B, phone pe valued at $6B Jio the biggest telecom provider in India for their jio store model We have more revenue generating models for future like subscription for travelers , convenience fees for travelers. Ads on the platform, and B2B single api model for hotels and app developers.
Money will be spent on
30% of funds - Scale technology platform and apps -$75000 30% of funds- Hire new talent and core team- $75000 40% of the funds- Marketing and business development- on board new hotels and partners- $100,000
Offer for investor
$250,000 in seed round of investment for 20% stake in the company at post money valuation of $1.25M in equity. We can also do the CCPS or convertible note if required.
There might be a possibility that giant OTA like booking.com , ctrip, makemytrip etc. start this model very aggressively as they have deep pockets and scale it will be difficult to compete. But they have a different business model and they might kill their own revenue by starting the shared services model cause they already sell things on full day/time tariffs. Our business got severely impacted during covid because of lock downs and hotels being shut and no travel but thats getting over now very rapidly and travel has started to boom again.
Incubation/Acceleration programs accomplishment
Got selected as part of we work jumpstart - only 20 companies out of 800 in India for their 2021 batch. Got invited for interviews at the prestigious Y Combinator for their W20 batch. Finalists at Madeira Start up retreat a global start up program in Portugal in 2019 where we spent two months in madeira attending the accelerator program
Won the competition and other awards
Won the FICCI travel start up accelerator series by FICCI India.