Dusit International has invested US$1 million in exchange for a 9.3 per cent stake in Thai condo and villa rental platform, favstay.
Part of a US$2.9 million Series A investment round, Dusit’s investment will fund the startup’s aggressive expansion to increase listings sixfold and foray into Vietnam, Myanmar, Indonesia, and Cambodia in 2017, as well as other Asian markets in subsequent years.
(From left) Favstay’s Natavudh Pungcharoenpong; Dusit International’s Suphajee Suthumpun; and FavStay’s Suchada Taechotirote
Established in 2015, favstay currently has over 11,000 properties in Thailand listed on its platform.
Favstay will continue providing a range of services such as property photo shoots, property management, housekeeping, and room maintenance for property owners; and for renters, a customer service platform with location-specific information and services like check-in and check-out.
Dusit’s investment is in line with its strategy to balance its portfolio of hotels such that half of its operations are outside of Thailand by 2022, and diversify its business lines so approximately 10 per cent of total revenue comes from new investments in hospitality-related industries.