Luvstay clocks USD 1 mn revenue in FY 2017-18
New Delhi , Oct 10: While most Indian startups are struggling to make revenues Luvstay has disrupted the hospitality industry by clocking USD 1 million revenue in the FY 2017-18.
This year they have added more than 600 hotel properties pan India and expanding to other cities like Agra, Amritsar, Faridabad, Kochi, Vijayawada.
According to IAMAI projection, the country will have 478 million web users with millions of young users looking to connect through mobile devices. Thus increasing usage of smartphones has helped Luvstay to expand fast with 50,000 number of downloads and 5000 number of visitors on their web page daily.
The competition in this segment is intensifying but Luvstay has already captured market share, now aims to target the Tier II and III cities in the next financial year.
Nishchhal Bharadwaj, Co-founder and COO of Luvstay observed that the millennials themselves appreciate their concept and visit their properties which has helped them to break this existing taboo amongst the society and achieve this kind of revenue within no time. They don't see premarital sex as a crime or taboo. In fact, they believe in knowing more about their partners before they get into this huge institution of marriage.
He also, observed that most of the parents think that such concept is exposing their children to a wrong culture but Luvstay as a concept wanted to break this myth and provide a positive mindset like creating awareness on practices of safe sex, AIDS and STDs. Thus we plan to conduct workshops in schools and colleges on these critical issues.
Mayank Sahai has a first-hand experience with Luvstay says, "It's a very novel idea as Indians shy away from talking about love, sex and relationships." He praises the concept as there is a demand and people of his age needs privacy and non-judgment from orthodox mindsets. He also adds that love is love and society should accept it and change their views on the same.