May 13: Intellistay Hotels, a Mumbai-based hospitality player, has said it has received a fresh round of equity infusion from promoter group Prama Hotels. Prama is the promoter company of Apodis.
IntelliStay, which runs full-service hotels under the Mango Hotels, i-Stay Hotels and Apodis Collection brands, had some time ago mopped up funds in tranches from the Apodis Hotels and Resorts Ltd.
With this Apodis holds a significant majority stake in IntelliStay Hotels. With as many as 23 hotels till under its belt, IntelliStay has lined now lined up another 30 hotels in the project stage. IntelliStay has managed to find a slot among the top 10 hotel companies in India by number of keys under management.
According to a report, Prama had recently completed a strategic round of investment from TripBorn., an emerging Indian last mile commerce and connectivity platform. This equity infusion is expected to drive the businesses of IntelliStay and the other group company, Apodis Foods & Brands Ltd (AFBL), which provides Food & Beverage services to several popular economy hotel chains across India.
The latest transaction is likely to add immediate scale to the businesses within India’s growing hospitality segment. Prama generated approximately $8.5 million in revenues from its operating entities for the year ended March 31, 2019 and generated positive cash flow from operations.