Islamabad based Roomy.pk announced today that it has been awarded a $1 million Pre-Series A round led by Lakson Venture Capital. Other investors in the round are Karavan VC and a syndicate of Angel Investors.
Roomy.pk is a business sharing the budget hotel market economy with unbranded hotel property owners making it easier to afford for the people to experience branded quality hotel facilities at a lesser price by using the underutilized inventory of local unbranded budget hotels.
Roomy has been able to take advantage of technology to create a suitable solution that is molding customer experience and hotel management while allowing the firm to obtain rapid, data-driven growth. Some of the features provided to travelers across properties include confirmed online bookings, contactless check-in & check-out, standardized rooms, and branded amenities.
The team is supervised by Goldman Sachs and Carnegie Mellon Alum Dr. Asad Samar who is the Founder & CEO. His Co-Founders are also industry veterans with Haasin bin Zahid from Jovago as Chief Operating Officer and Abdul Rehman from Convo & Telenor as the Chief Technology Officer.
“Roomy is a fresh take on the traditional hospitality business. Our rooms are decked out with aesthetically pleasing minimalist interiors, price points tailored for the young and growing Pakistani middle class, tech-stack developed in-house for the smart traveler, and an innovative business model designed for scale,” said Asad Samar, Founder & CEO of Roomy.pk.
Pakistan’s middle class is projected to grow to 122 million by 2025, the largest increase after China and India. 130 million Pakistanis are below the age of 30 consisting of Millennials and Gen Zers who are eager to travel. The local hospitality industry is 3% of GDP with an expected year-on-year growth of 5.4%; while tourism makes up 7% of the country’s GDP. There are more than 50 million domestic tourists each year and the number will likely increase due to global travel restrictions.
“The hospitality and travel industry in Pakistan is an underserviced market segment with a multi-billion-dollar market opportunity. Roomy is our second pick in the travel vertical as it has a scalable asset-light business model; while addressing the market gap for younger domestic leisure and corporate budget travelers, offering optimally priced standardized rooms & amenities in key locations,” said Faisal Aftab, Managing Partner of Lakson VC.
Faisal Aftab (Managing Partner of Lakson VC) has joined Roomy.pk’s Board of Directors.