Operates 11 luxury properties with 5-20 rooms in and around delhi, charging rs. 5000 Per room. On the list for identifying a model wherein it takes only 60 days to get a property ready and the first 6 properties turned profitable within 1 year of operation.
DIVYA M. CHANDRAMOULI
As co-founder and MD Aditi Balbir puts it, V Resorts is an upscale chain of boutique resorts set up with the idea of providing the working professional a well-deserved break from the city life. The chain runs small properties in offbeat locations such as Pauri, Ramgarh, Sattal, Narkanda, Kullu and more.There’s two types of holidays on offer; a relaxed laid back holiday and holidays with themes for the more adventurous.
Interestingly, while the industry biggies have struggled with adding and activating properties to their chains, V Resorts has moved from six properties to 11, in the last month. Over the next six months, it wants to take that number to 25. Given the company’s asset light business model, the cost of adding a room is less than Rs. 1 lakh as opposed to much steeper costs for other players and this plays a significant part in ensuring profitability. Typically, a V Resorts’ property breaks even at 20 per cent occupancy and is profitable within six months of operations, according to the founder.
The company received seed funding of US $1.5 million in 2011 and in 2014, it received another round to the tune of US $2 million from Seedfund. In three years time, V Resorts aims to set up close to 500 properties in India and if it does so, it will be one of the largest boutique hotel chains in the country.
Hiring locally: V Resorts hires local people, trains them and pays them salaries that are 15 per cent more than typical starting salaries. Further, all employees have access to resorts and get company paid holiday packages at its resorts
Connecting locally: The company is in the process of deploying a technology where guests will be able to experience resorts facilities in a much better way sans human touch or Internet connectivity. This app will work on local Wi-Fi and help manage guest experiences at remote locations
Giving back locally: The resort chain has done away with a centralized vendor system and uses local produce for its own consumption and even sells the same on its properties. Additionally, V Resorts has a ‘no plastics’ policy and gives back to the local community by helping the neighborhood establish waste disposal systems