Pakistan's Roomy raises $1M Pre-Series A round
Islamabad-based Roomy.pk has closed a $1M Pre-Series A round, led by Lakson VC. Other investors in the round are Karavan VC and a syndicate of angel investors.
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Roomy.pk shares the budget hotel market economy with unbranded hotel property owners, making it affordable for people to obtain branded quality hotel facilities at a cheaper price by tapping the underutilized inventory of local unbranded budget hotels.
Roomy has been able to leverage technology to develop a proprietary solution that is transforming customer experience and hotel management, while enabling the company to achieve rapid, data-driven growth. Some of the features offered to travelers across properties include guaranteed online bookings, contactless check-in and check-out (no front desk queuing), standardized rooms, and branded amenities.
The team is spearheaded 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 COO and Abdul Rehman from Convo & Telenor as CTO.
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Asad Samar, Founder & CEO said, “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.”
Pakistan’s middle class is projected to grow to 122M by 2025, the largest increase after China and India. 130 million Pakistanis are below the age of 30 consisting of millennials and gen z's 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.
Faisal Aftab, Managing Partner of Lakson VC commented, “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 and amenities in key locations.” Faisal has also joined Roomy.pk's Board of Directors.
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