Hostel & PG booking startup PGO raises $2 million

Hyderabad: City-based hostel and PG booking startup PGO, which is run by Thinkwide Hospitality Pvt Ltd, on Thursday said it has raised $2 million from new investors to fuel its growth.

In this funding round, PGO has roped in Smartron co-founder and IRA Reality Tech founder Narsi Reddy Posham and Ektha group’s Sreeni Musani as investors.

PGO had raised Rs 1 crore in July 2018 from city-based digital entertainment player Sillymonks Entertainment as well as angel investors Sai Korrapati, who produced Tollywood blockbuster Eega, and SS Karthikeya, son of Bahubali director SS Rajamouli.

PGO founder & CEO Hari Krishna said the new investment will help the startup consolidate its service offerings, focus on enriching its technology platform, widen properties network and foray into newer cities.

“The additional investments will help us meet our ambitious target of garnering 1.8 million online bookings by 2025,” Hari Krishna said while unveiling its PGO Prime membership programme.

He said since its launch in July 2018, PGO has has expanded field operations to Hyderabad, Bengaluru, Chennai and Pune and has also created a presence in 186 other cities. Today it has over 6.33 lakh beds across over 13,000 registered properties with over 1.57 lakh users and has recorded over 2 lakh total stay days.

He said PGO is now eyeing field operations in 10 more cities and hopes to break even by the second quarter of 2021.


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