Bangalore-based MagicRooms secured Rs.7 Crore investment from Nexus Venture Partners
Date: Tuesday , August 03, 2010
Bangalore-based hotel Global Distribution System, MagicRooms has secured Rs. 7 crore investment from Nexus Venture Partners. MagicRooms enables hotel partners to distribute parity rate over different sales channels and acts as an interface to upload/manage their inventory.
Niranjan Gupta, Founder & CEO, MagicRooms Solutions said, “MagicRooms will change the way hotel rooms are booked online. The funding will help MagicRooms build infrastructure and increase our marketing efforts. We are thrilled to work with the team at Nexus Venture Partners who have deep experience in building internet companies.”
“We are attempting to bring efficiency in hotel inventory distribtution in India. This is the need of the hour as more and more online travel agencies are coming to the market and seamless inventory distribution will be a requirement. Hence the VC interest for the idea as this has never been done by anyone till now,” said Niranjan.
Speaking on the demand and market size for the company, he said “Magicrooms will be reaching all the consumers of hotel inventory - online travel agents, offline travel agents and corporates. Our attempt is to reach every hotel, service apartment, and home stay in the country which exceeds more than 10,000 in number.”
MagicRooms internet base brings together all the hotel property management systems which combine all the room inventories accessible across hotels in India. India’s online travel site makemytrip.com has joined the bandwagon of being MagicRooms’ customer. It helps in raising the productive value of hotels with the use of a single interface.
Suvir Sujan of Nexus Venture Partners who will join the MagicRooms Solutions board, said, “Niranjan is a strong entrepreneur with his pulse on the travel industry. MagicRooms has the potential to redefine hotel bookings in India”.