RoomnHouse raises Rs 1 crore from Euphoria Ventures

PUNE: Startup RoomnHouse has raised funding of close to Rs 1 crore from Euphoria Ventures through a bridge round to expand its operations in India. The company expects to get a series funding of Rs 10 crore in January 2015.

"We are looking at scaling our operations," said Rakesh Singh, co-founder RoomnHouse.com, which was launched in 2012. "We are also launching mobile apps to improve booking efficiency for consumers."

The company has a business model, wherein property owners list their accommodations with the site, and travellers get the option of private accommodation ranging from apartments to villas.

The service is similar to international alternative accommodation portal Airbnb. RoomnHouse is targeting revenue of Rs 6 crore this financial year.

"We see this sector growing big in India, as there are currently few options for affordable but safe accommodation for travellers," said Euphoria Ventures CEO Ashish Patel, who is also director and founder investor at RoomnHouse. Patel had earlier made an undisclosed angel investment with the venture at the idea stage.