Proptech startup Silkhaus raises $7.75 million in seed funding
- ByStartupStory | November 16, 2022
A platform for short-term rentals called Silkhaus has raised $7.75 million in startup money. The startup, based in the UAE, is emerging from cover. Nuwa Capital, Global Founders Capital, Nordstar, Yuj Ventures, Whiteboard Capital, and VentureSouq participated in the financing. International family offices, corporate executives, and global proptech innovators all took part in this fundraising round.
Silkhaus will quicken its expansion throughout MENA, South Asia, and Southeast Asia after this investment. Under the direction of Ashmin Varma, who has previously created cutting-edge technologies for international proptechs, the company is expanding its technology stack.
Silkhaus will increase the number of properties available on its platform with an emphasis on hiring heavily for strategic and technological positions. The startup offers asset owners the resources they need to manage and profit from their short-term rental assets.
The startup, which was established in 2021 by Aahan Bhojani and Ashmin Varma, has grown 10X in the past 12 months even though it has been running covertly. Aahan is a Harvard Business School and Yale College graduate who has held positions requiring a lot of travel in management consulting, investment banking, and product management.
“Over the past ten years, especially during the epidemic, the character of real estate has undergone a profound transformation. Platforms for hospitality and online rentals are currently only able to aggregate online demand for alternate housing. We have seen the emergence of short-term rentals on a global scale as travellers have sought flexible accommodations. However, these properties’ management is mostly offline and highly dispersed. Property owners lack the tools and expertise necessary to provide a standardised, world-class experience “said Aahan.
Aahan founded Silkhaus after realising that travel preferences for leisure and business had changed in order to reimagine accommodations for medium- and long-stay travel in high-growth emerging markets. For asset owners to benefit from growth opportunities, the company claimed it has identified a $13 billion total addressable market (TAM) in MENA, South Asia, and Southeast Asia.
Added Aahan, “We are developing an operating system that will enable all sizes of property owners to run premium short-term rentals and provide exceptional guest experiences. We are eager to establish Silkhaus as a global category leader with the support of our international investors.”
For property owners, Silkhaus creates tools that maximise revenue and simplify operations. Property owners can list multiple or single units on the platform with an average revenue yield increase between 20 and 40% thanks to Silkhaus’ operating system, which offers consistency, transparency, and dependability.
“We believe that Silkhaus will be able to operationalize and scale the affinity that customers will expect of the Silkahus brand, and our investment in the company, made in conjunction with other strategic and global technology investors, reflects this belief. With an early focus on strong unit economics, market-leading NPS, and a value add for all of their stakeholders, including guests and property owners, Aahan and Ashmin have differentiated themselves in the right ways, according to Nitin Reen, Partner at Nuwa Capital.
Silkhaus offers visitors upscale lodging alternatives close to key commercial areas and popular tourist attractions in the region’s most important economic centres. Additionally, businesses from all over the world select Silkhaus for their employees’ qualified extended stays.
According to Silkhaus, its technology links supply and demand. In order to draw talent from Microsoft, Airbnb, Careem, Deliveroo, and other technology companies, it has onboarded talent from the global startup ecosystem. Twelve different nationalities of workers call Silkhaus home, with women making up nearly 40% of the workforce.
We are eager to see Silkhaus establish itself as the premier platform for short-term rentals throughout Asia, and we are especially eager to work with Aahan and his team, who have already shown they are capable of upending two sizable and fragmented industries: real estate and hospitality.
Ole Ruch, the Managing Partner at Nordstar, said, “We identified a product in Silkhaus that is appreciated and recognised by property owners, travellers, and companies alike, and are tapping into the tremendous expansion of short-term rentals in growing areas. After raising its seed round, the business will concentrate on expanding the global supply on its platform to meet customer demand. By 2026, Silkhaus projects its market opportunity in MENA, South Asia, and Southeast Asia.
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