Hostel & PG Booking Platform ‘PGO’ raises USD 2Million from New Investors; Launches ‘PGO Prime’3 months ago Shravani Maddirala
Thinkwide’s PGO, Innovative Paying Guest, Hostel and Co-living booking service platform, announced today the addition of 2 new investors and its new ‘PGO Prime’ membership beneficial to their end customers. PGO also announced a fresh investor commitment of US$2M from the new investors.
Making the announcement Hari Krishna, Founder, and CEO of PGO said “We are excited to announce new investment commitment from our investors– city-based real estate veterans, Ektha’s Sreeni Musani and IRA Reality’s Narsi Reddy Posham. This reaffirms the investor’s faith in our business model and the uniqueness of our product with super-niche differentiation.”
Hari added the new investments will help PGO consolidate its service offerings and lay more emphasis on enriching its technology platform, widening properties network, and foray into newer cities. Some key functions of the app include ease in handling with instant alerts to stay seekers and the providers, and also deals with both traditional and emerging co-living segments.
Explaining where the fresh round of funds will get used Hari stated, additional investments will help us meet our ambitious target, which is by 2025, PGO will attain the status of being India’s most admired co-living booking platform for students and young working professionals eyeing 1.8 million online bookings.
New Investors Sreeni Musani of Ektha and Narsi Reddy of IRA Reality sounded upbeat about the prospects of PGO and profitability growth plan. They remarked it is an exciting marketplace, given the cross migration of people and difficulties of finding acceptable, verified, co-living, hostel and PGs becoming a challenge for today’s millennials.
“As investors, above and beyond the business model, the innovation, and problem-solving technology solutions excite us before we invest in any company. PGO is perfect in that manner.” Investors Sreeni and Narsi added.
Besides monetary funding, PGO’s strategic angel investors Sai Korrapati, SS Karthikeya, Sanjay Reddy and Anil Kumar continue to play a leading role in providing strategic and operational expertise in growing PGO. Unveiling PGO Prime Membership, the team reiterated, our Prime members receive multiple benefits, gets 10% savings on all bookings with access to exclusive lightning deals.
After its launch in July 2018, PGO has expanded field operations to top 4 cities with 70% footprint and added 13,072 Properties, 633,624 Beds, presence in 190 Cities, 157,199 Users, recorded 205,782 Total Stay Days. The pocket-friendly PGO app available on Google Play Store and Apple Store also registered a staggering 1 Lakh + downloads.
According to home hunting surveys, 99% of the hostel and PG bookings are offline and ‘PGO’ is the first mobile app to provide dependable, verified online co-living, Hostel, PG bookings, and payment services effectively. By the year 2020, Thinkwide aim is to introduce PGO services to 10 more additional cities with more than 90% footprint in India and add 10,000 more properties on its mobile and web platforms.