Financial Dashboard
Hostsphere India Private Limited
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📊 4-Year Analysis
3,538 Bookings
📋 Summary
🗺️ Roadmap
📈 Overview
🔄 YoY Trends
🏷️ Booking Types
👥 Guests
🌐 Sources
🏠 Properties
💰 P&L
🏦 Bank
Hostizzy
Business Health Score
64
/100
Recovery Phase
Consistent margin improvement · Premium segment pivot underway · Technology buildout on track
Margin Recovery
85/100
Operations
88/100
Market Position
78/100
Financial Health
45/100
Revenue Quality
72/100
Technology
80/100
📍 State of Hostizzy — April 2026
Hostizzy has operated for 4 fiscal years, managing 54+ properties across Delhi NCR, Goa, Himachal, Rajasthan and Uttarakhand. The business earned ₹1.52 Cr in management fees and served 33,018 guests across 4,005 bookings. After a difficult FY23-24 (peak deficit –₹5.79L), the margin has improved for 3 consecutive years and stands at –3.8% — on track for break-even in FY26-27. The platform now spans 3 revenue streams: property management, HostSuite SaaS, and book.hostizzy.com direct bookings. The transition from operator to tech-enabled platform is underway.
FY 2022–23
₹31.52 L
Revenue
+₹5.65 L surplus ✅
739 bookings · 6,293 guests
FY 2023–24
₹39.09 L
Revenue
–₹5.79 L deficit ⚠️
882 bookings · 8,958 guests
FY 2024–25
₹40.52 L
Revenue
–₹4.99 L deficit 📈
1,023 bookings · 9,238 guests
FY 2025–26
₹40.69 L
Revenue
–₹3.96 L deficit 📈
1,155 bookings · 8,529 guests
✅ Top Wins (FY 2025–26)
🎯
Cancellation Rate — All-Time Low
2.6% in FY26 vs 7.8% peak in FY24 — 67% reduction. Best operational metric in company history.
💍
Wedding Segment Explosion
Wedding revenue jumped 70% — ₹23.1L → ₹39.2L. Corporate segment launched (₹17.5L, 19 bookings). Premium mix is working.
📱
Technology Stack Live
book.hostizzy.com, HostSuite PMS (₹999–₹4,999/mo), Hostizzy Rewards, ResIQ, HostOS — full platform live.
📉
Deficit Narrowing — 3rd Consecutive Year
–₹5.79L → –₹4.99L → –₹3.96L. Margin recovering at +4.5pp/year. Break-even in sight.
⚠️ Open Risks to Address
💸
Cash Runway ~8–9 Months
₹2.85L bank balance at Mar 2026 vs ₹0.33L/mo deficit. Requires either revenue growth or founder capital before Dec 2026.
📊
ROAS Declining Year-on-Year
Ad ROAS dropped from 39x (FY23) to 15x (FY26). Cost per booking rising ₹109 → ₹341. Marketing efficiency needs review.
🏠
Revenue Concentration Risk
Top 3 properties = 50.4% of GMV. Sunhari Bagh alone = 25.7%. One property churning would materially impact revenue.
👥
Salary = 66.5% of Revenue
People cost is the dominant lever. Industry benchmark is 30–40%. Operational leverage through tech is the path to fix this.
What Hostizzy Is Building — 3 Revenue Pillars
🏠
Pillar 1 — Active
Property Management
Vacation rental management for farmhouses, villas, apartments. 53+ properties. 5 service tiers from SmartStart to TotalCare360.
₹40.69L FY26 rev 53+ properties 20+ channels
💻
Pillar 2 — Growing
HostSuite SaaS Platform
Proprietary PMS — reservations, AI dynamic pricing, WhatsApp + Instagram DM, GST invoicing, guest portals. Priced ₹999–₹4,999/mo.
₹999–₹4,999/mo 3 tiers AI pricing built-in
🌐
Pillar 3 — Emerging
Direct Booking Platform
book.hostizzy.com eliminates OTA commissions (~15%). Hostizzy Rewards loyalty (Bronze→Platinum). 4.8★ / 500+ reviews combined.
Zero OTA commission Loyalty 4 tiers 4.9★ · 500+ reviews
Operational Highlights — FY 2025–26
4.9⭐
Rating
500+ reviews
2.6%
Cancel Rate
All-time low ↓
₹26,820
ADR / Night
+6.4% vs FY25
1.53
ALOS (nights)
Best ever ↑
59.8%
Direct Bkgs
Best margin channel
11.5
Avg Group Size
Guests/booking
4-Year Cumulative KPIs
Total GMV Revenue
₹12.85 Cr
Apr 2022 – Mar 2026
↑ 10% avg YoY
Hostizzy Revenue
₹1.52 Cr
Mgmt fees (4 years)
↑ 21% FY23→FY26
Total Bookings
3,538
Completed (excl. cancelled)
↑ 8% avg YoY
Total Nights Sold
4,898
Across all properties
↑ 9.5% avg YoY
Avg Length of Stay
1.47
Nights per reservation (ALOS)
↑ 1.53 in FY26
Total Guests Hosted
33,018
Adults + kids combined
↑ 35% in FY24
Financial Health Indicators
Margin Recovery
+4.5pp/yr
–14.8% → –11.0% → –3.8%
↑ 3 consecutive years
Break-Even Gap
₹3.95 L
Revenue needed OR cost to cut
~3.8% revenue growth = breakeven
Cash Runway
~8–9 mo
At ₹2.85L balance · ₹0.33L/mo deficit
Before new revenue intake
Cancellation Rate
2.6% ↓
FY26 — all-time low (was 7.8%)
↓ 67% reduction since FY24
🎯 Break-Even Scenarios — FY 2026–27
Scenario A — Revenue Growth
₹42.22 L
Revenue target (costs flat)
Needs 3.8% growth from ₹40.69L
Scenario B — Cost Reduction
₹40.69 L
Cost ceiling (revenue flat)
Cut ₹3.95L (9.4%) from current costs
Scenario C — Combined
+5% Rev / –5% Cost
₹40.18L rev · ₹40.11L cost
+₹0.07L surplus — most achievable
Fiscal Year Breakdown
FY 2022–23
GMV Revenue₹2.76 Cr
Hostizzy Revenue₹31.5 L
Total Bookings791
Completed / Cancelled739 / 52
Nights Sold1,037
Total Guests6,293
Avg Guests / Booking8.5
ADR / Night₹26,615
Avg Stay (ALOS)1.40 nights
Cancellation Rate6.6%
Repeat Guest RatioN/A*
FY 2023–24
GMV Revenue₹3.52 Cr
Hostizzy Revenue₹39.1 L
Total Bookings957
Completed / Cancelled882 / 75
Nights Sold1,329
Total Guests8,958
Avg Guests / Booking10.2
ADR / Night₹26,497
Avg Stay (ALOS)1.51 nights
Cancellation Rate7.8%
Repeat Guest Ratio3.5%
FY 2024–25
GMV Revenue₹3.52 Cr
Hostizzy Revenue₹40.5 L
Total Bookings1,029
Completed / Cancelled1,023 / 59
Nights Sold1,397
Total Guests9,238
Avg Guests / Booking9.5
ADR / Night₹24,108
Avg Stay (ALOS)1.44 nights
Cancellation Rate5.7%
Repeat Guest Ratio5.9%
FY 2025–26
GMV Revenue₹3.04 Cr
Hostizzy Revenue₹40.7 L
Total Bookings1,175
Completed / Cancelled1,155 / 20
Nights Sold1,135
Total Guests8,529
Avg Guests / Booking11.5
ADR / Night₹19,307
Avg Stay (ALOS)1.53 nights
Cancellation Rate2.6%
Repeat Guest Ratio4.6%
⚠️ * FY 2022–23 phone numbers were not captured in the legacy system, so repeat guest ratio cannot be computed for that year.
📈 FY 2025–26 Revenue Note: Including Bageecha Vrindavan (PRIJAI VENTURES — ₹2.57L bank-confirmed), portfolio revenue grew ₹40.52L → ₹40.69L (+0.4% YoY). Core portfolio (excl. Bageecha) was ₹38.27L, reflecting a staycation volume drop (1,023 → 741 ex-Bageecha bookings). However, revenue quality improved: Weddings up 70% (₹23.1L → ₹39.2L), Corporate segment launched (₹17.5L, 19 bookings), and cancellation rate hit all-time low of 2.6%. Bageecha added 414 bookings and ₹2.42L Hostizzy fee in FY25-26 alone.
🔄 Repeat Guest Rate FY25-26 (4.6%): Slight dip from FY24-25 peak of 5.9% — likely reflects new premium segments (Weddings, Corporate) attracting first-time clients rather than a retention decline. With 101 confirmed repeat guests across 3 years, a structured loyalty programme could push this above 10% by FY27-28.
Revenue & Earnings Trend
Monthly GMV Revenue
Apr 2022 – Mar 2026 · all properties
Annual GMV vs Hostizzy Revenue
FY comparison
Seasonal Revenue Pattern — 12-Month Cycle
Monthly Revenue by Financial Year (₹ Lakhs)
Apr–Mar cycle · All 4 FYs overlaid · Peak months: May–Jul · Dip: Jan–Feb · FY25-26 highlighted
RevPAR & Occupancy Rate (Hospitality Industry Benchmark)
FY 22-23 RevPAR
₹3,779
ADR ₹26,615 · Occ ~14.2%
20 est. properties
FY 23-24 RevPAR
₹3,210
ADR ₹26,497 · Occ ~12.1%
↓ portfolio grew
FY 24-25 RevPAR
₹2,395
ADR ₹24,108 · Occ ~9.9%
↓ 41 est. properties
FY 25-26 RevPAR
₹1,709
ADR ₹19,307 · Occ ~8.9%
↓ 54 properties
ADR vs RevPAR vs Occupancy Rate
RevPAR declining as new properties onboard faster than bookings scale — occupancy improvement = next growth lever · India villa avg: 15–25%
💡 RevPAR Insight: Declining RevPAR is expected during rapid portfolio expansion — you're adding inventory faster than demand fills it. The target: push occupancy from ~9% to 15%+ via book.hostizzy.com direct channel and seasonal marketing. At 15% occ with portfolio ADR, RevPAR crosses ₹3,500+ — that's the direct booking growth flywheel.
Year-on-Year Trend Table
Metric FY 2022-23 FY 2023-24   vs FY23 FY 2024-25   vs FY24 FY 2025-26   vs FY25
YoY Visual Trends
Revenue Growth
Annual GMV (₹ Lakhs)
Bookings & Nights
Completed bookings + nights sold
ADR & Avg Guests/Booking
Pricing & group size
Operational Health Trends
Cancellation Rate (%) by FY
Lower is better — FY26 at record low 2.6% ↓ from 7.8% peak
Repeat Guest Ratio (%) by FY
% of unique guests who booked in multiple years · FY25 peak 5.9%
Financial Health Trends
Operating Margin % — Recovery Trajectory
Consistent 4.5pp improvement per year · FY26-27 break-even scenario in sight
Revenue vs Cost Gap (₹ Lakhs)
Deficit narrowing — FY25-26 gap ₹3.96L vs FY23-24 peak ₹5.79L
Booking Type Overview (All Years Combined)
🏡
Staycation
4,786 nights
3,275 bookings  ·  ALOS 1.46 nights
₹11.68 Cr revenue
💍
Wedding
69 nights
46 bookings  ·  ALOS 2.30 nights
₹81.0 L revenue
💼
Corporate
31 nights
19 bookings  ·  ALOS 1.63 nights
₹17.5 L revenue (FY26 only)
🎉
Events / Other
12 nights
13 bookings  ·  ALOS 1.60 nights
₹8.5 L revenue
Booking Type Mix — FY-wise
Nights Sold by Type & FY
Stacked — how nights are distributed
Revenue by Type & FY (₹ Lakhs)
Wedding & Corporate growing fast
Avg Length of Stay (ALOS) by Type
Nights per booking — Weddings stay longest
Revenue Share % by Booking Type (per FY)
Booking Type Deep Dive — Nights & ALOS
FY 2022–23
Overall ALOS1.40 nights
🏡 Staycation nights1,035
🏡 Staycation ALOS1.40 nights
🏡 Staycation Rev₹274.9 L
💍 Wedding nights0
💼 Corporate nights0
🎉 Event nights2
FY 2023–24
Overall ALOS1.51 nights
🏡 Staycation nights1,305
🏡 Staycation ALOS1.50 nights
🏡 Staycation Rev₹326.7 L
💍 Wedding nights16  (ALOS 2.29)
💍 Wedding Rev₹18.7 L
🎉 Event nights8  (ALOS 2.00)
FY 2024–25
Overall ALOS1.44 nights
🏡 Staycation nights1,380
🏡 Staycation ALOS1.43 nights
🏡 Staycation Rev₹329.1 L
💍 Wedding nights17  (ALOS 2.43)
💍 Wedding Rev₹23.1 L
💼 Corporate nights0  (not tracked)
FY 2025–26
Overall ALOS1.53 nights ↑ Best
🏡 Staycation nights1,066
🏡 Staycation ALOS1.52 nights
🏡 Staycation Rev₹247.0 L
💍 Wedding nights36  (ALOS 2.25) ↑↑
💍 Wedding Rev₹39.2 L ↑↑
💼 Corporate nights31  (ALOS 1.63) NEW
Guest Volume KPIs
Total Guests Hosted
33,018
4-year total (adults + kids)
↑ 42% from FY23→FY24
Avg Group Size
9.9
Guests per completed booking
↑ 11.5 in FY26
Unique Guests (Phone)
1,935
FY24–FY26 (phone data available)
FY23 no phone data
Repeat Guest Rate
5.2%
Booked in 2+ fiscal years
↑ 5.9% peak in FY25
Guests & Group Size by FY
Total Guests Hosted per FY
Adults + kids per fiscal year
Avg Group Size per Booking
Guests per completed booking — FY26 highest ever
Monthly Guests (FY 2025–26)
Monthly Guest Volume — FY 2025–26
Nov 25 spike: 1,552 guests (peak month)
Repeat Guest Analysis
Repeat Guest Ratio by FY
% of unique guests who appeared in at least one other fiscal year
FY 2022–23Phone data not available
FY 2023–243.5%  (25 of 716 guests)
FY 2024–255.9%  (37 of 626 guests) ✦ Peak
FY 2025–264.6%  (29 of 636 guests)
💡 Insight: Overall repeat rate of 5.2% is typical for leisure hospitality. With 101 confirmed repeat guests, there's strong potential to build a loyalty programme to push this above 10%.
Booking Source Summary
Direct Bookings
2,040
59.8% of all completed
↑ Best margin channel
Airbnb
824
24.1% of completed
↓ Declining share
MMT / Goibibo
311
9.1% of completed
↑ Growing in FY25–26
Other OTA
163
Agoda, Booking.com, etc.
6.9% share
Source Mix Trends
Booking Source by FY
Stacked — Direct dominance is a strong margin signal
Overall Source Split
FY 2022–23 to FY 2025–26
Source Share % by FY
Top 10 Properties by Revenue (All Years)
# Property Name Revenue (All FYs) Revenue Share Bookings Nights ADR / Night Avg Group Size
Revenue Concentration Risk
Top 1 Property
26.5%
Sunhari Bagh — ₹3.41 Cr
High concentration risk
Top 3 Properties
51.9%
Sunhari + Orchard + Mulberry
Over half of all revenue
Top 10 Properties
95.1%
Of ₹12.85 Cr total GMV
Good long-tail building
Top Properties Revenue Chart
Top 10 Properties — Revenue (₹ Lakhs)
Sunhari Bagh leads at ₹3.41 Cr across 4 years · Top 3 = 50.4% of total GMV
Portfolio Churn & Net Growth
FY22-23 Portfolio
~20
Est. ~8 added · ~3 churned
Net +5
FY23-24 Portfolio
~35
Est. ~18 added · ~3 churned
Net +15
FY24-25 Portfolio
~45
Est. ~15 added · ~5 churned
Net +10
FY25-26 Portfolio
53+
Est. ~12 added · ~4 churned
Net +8
Portfolio Growth — Adds vs Churn (Estimated)
Properties added · properties churned · net portfolio size · Churn rate tracking needed for retention strategy
⚠️ Data Gap: Exact onboarding and churn dates are not tracked in the current dataset — figures above are estimates based on portfolio size at financial year-end. Recommended action: Add property start/end date to the management ledger to compute actual churn rate, average property tenure, and LTV per property.
Portfolio Health — FY 25-26 Activity Status
Property Activity & Churn Risk (based on FY25-26 monthly GMV trend)
Consecutive declining months + recent quarter activity used to flag risk · Active properties only
StatusPropertyFY25-26 GMVLast 3 MonthsSignal
● HealthySunhari Bagh Farmhouse₹80.6L₹5.96L → ₹5.2L → ₹6.74LStable, strong recovery
● HealthyMulberry Farm₹38.0L₹1.58L → ₹0.97L → ₹1.75LSeasonal dip, recovered
● HealthyKesari Bagh₹37.0L₹1.56L → ₹1.53L → ₹4.51LStrong March recovery
● HealthyThe Orchard Farm₹36.9L₹0.38L → ₹2.15L → ₹2.97LDipped Jan, fully recovered
● HealthyBageecha Vrindavan₹32.5L₹2.15L → ₹2.07L → ₹4.01LSeasonal, good recovery
● HealthyCasa Fiesta₹12.7L₹0.63L → ₹3.48L → ₹1.97LGrowing trend
◑ WatchSerene by Sunkissed₹11.4L₹0.0L → ₹0.0L → ₹0.0LSilent last 3 months — verify
◑ WatchRajNikas Farm₹11.8L₹0.8L → ₹0.29L → ₹0.76LLow, inconsistent
◑ WatchGrey Cottage₹8.9L₹0.48L → ₹0.0L → ₹0.0LWent quiet Feb-Mar
✖ At RiskWhistling Woods Farm₹14.7L₹1.26L → ₹0.3L → ₹0.45LSustained decline all year
✖ At RiskPaam Ghar₹7.7L₹0.3L → ₹0.07L → ₹0.0LDeclining to zero — review contract
✖ At RiskAmarna - The Retreat₹2.1L₹0.0L → ₹0.0L → ₹0.0LNo activity since Oct 25
✖ At RiskAryaNiwas Homestay₹1.4L₹1.05L → ₹0.0L → ₹0.0LMinimal activity, may have churned
Property Revenue — Year on Year
Top 15 Properties — GMV by Financial Year (₹ Lakhs)
All active & churned properties · Hover to see exact revenue per FY
Month-on-Month Performance
Monthly GMV — All Financial Years
Select a property to see month-on-month GMV across all 4 financial years
P&L Summary — Revenue vs All Known Costs
Total Hostizzy Revenue
₹1.52 Cr
4-year management fees
Top-line (4 FYs)
Total Known Costs
₹157.97 L
Team · Tech · Ads · EMI · Tax · Office
Net Operating Position
–₹9.09 L
FY23-24 FY24-25 FY25-26 deficits · FY22-23 only surplus
~–6.1% avg margin
Founder Capital Invested
₹23 L
Ethan ₹15L + Ashutosh ₹8L · covers company liabilities
Fresh ₹5L · Ashutosh · FY25-26
Marketing Efficiency — ROAS & Ad Spend Analysis
ROAS FY22-23
39.0x
₹0.81L spend · Mgmt fee basis
CPB ₹110 / booking
ROAS FY23-24
22.1x
₹1.77L spend · Mgmt fee basis
CPB ₹200 / booking
ROAS FY24-25
16.3x
₹2.46L spend · Mgmt fee basis
CPB ₹253 / booking
ROAS FY25-26
15.2x
₹2.53L spend · Mgmt fee basis
CPB ₹341 / booking ⚠
ROAS Trend — Management Fee Basis
₹1 spent on ads returns ₹X in Hostizzy management revenue · declining — needs optimisation
Ad Spend vs Cost per Booking
Total ad spend (Google + Meta) and cost per completed booking — rising CPB is a concern
📣 ROAS Context: On GMV basis ROAS is 341x → 121x (still strong). On management fee basis (what Hostizzy earns) it's 39x → 15x — declining because ad spend grew faster than managed revenue. The key opportunity: book.hostizzy.com reduces OTA dependency, so every direct booking avoids 10–15% OTA commission — effectively boosting ROAS. Cost per booking rising from ₹110 → ₹341 warrants a reallocation toward content, SEO, and referral channels in FY26-27.
Customer Acquisition Cost (CAC) — per New Guest
FY 22-23 CAC
₹12.9
Ad spend ₹0.81L · 6,293 new guests
Lowest CAC
FY 23-24 CAC
₹20.4
Ad spend ₹1.77L · ~8,645 new guests
↑ 58% vs FY23
FY 24-25 CAC
₹28.3
Ad spend ₹2.46L · ~8,693 new guests
↑ 39% vs FY24
FY 25-26 CAC
₹31.1
Ad spend ₹2.53L · ~8,136 new guests
↑ 10% vs FY25
💡 CAC Context: At ₹31/guest, Hostizzy's CAC is exceptionally low for hospitality — typical hotel CAC runs ₹500–₹2,000+. The risk: rising trend (+141% in 4 years) while ad spend only grew 3x. Goal: reduce CAC via book.hostizzy.com direct channel. Every 10% shift from OTA to direct saves ~₹1.5–2L/year in commissions and drops CAC further.
Margin Layers — Take Rate · Contribution · Net
Take Rate FY25-26
12.6%
Mgmt fee ÷ GMV · best ever
↑ vs 11.1% FY23
Contribution Margin
45.1%
After people costs · FY25-26
Was 53.5% FY22
Net Margin FY25-26
–3.8%
After all overheads
↑ Improving 3 yrs
Break-Even Take Rate
~14.0%
Needed at current cost base
Gap: 1.4pp
3-Layer Margin Waterfall
Take rate (fee ÷ GMV) · Contribution margin (after people) · Net margin (after all costs)
Break-Even Tracker
FY 22-23
✅ Profitable
₹2.63L/mo rev · ₹2.16L/mo cost
+₹0.47L/mo
FY 23-24 Gap
₹0.48L/mo
~11 extra bookings/mo to break even
Cost ₹3.74L
FY 24-25 Gap
₹0.37L/mo
~9 extra bookings/mo to break even
Cost ₹3.75L
FY 25-26 Gap
₹0.13L/mo
Just ~4 bookings/mo away · 90% there
Near break-even
Monthly Revenue vs Break-Even Cost (₹ Lakhs/month average)
Revenue bar vs cost line — gap narrows each year · FY26-27 projected to cross over
💡 Path to break-even: FY25-26 gap is just ₹12,800/month — ~4 bookings at avg fee (₹3,523), or adding 1–2 properties at median portfolio revenue. At current trajectory FY26-27 should be the first fully profitable year since FY22-23.
Revenue per Employee (GMV basis)
GMV ÷ headcount · Rising headcount vs flat GMV = productivity dilution · Target: ₹300L+ per head
💡 Unit Economics: Take rate is improving (11.1% → 12.6%) showing better negotiated commission structures. Contribution margin erosion (53% → 45%) is from team scale-up — the inflection point comes when SaaS and platform revenue layers kick in without proportional headcount cost. Revenue per employee (GMV basis) has dropped from ₹690L to ₹254L as team grew 4x while GMV grew 1.1x — the next 2 years must show the reverse trend.
P&L by Fiscal Year
Line Item FY 2022–23 FY 2023–24 FY 2024–25 FY 2025–26
Revenue
Hostizzy Management Revenue ₹31.52 L₹39.09 L₹40.52 L₹40.69 L
Founders
Ethan Barman — Founder & CEO (₹70K × 6 months · not in ledger) ₹4.20 L₹4.20 L₹4.20 L₹4.20 L
Ashutosh Karn — Co-Founder (₹50K/mo · 8mo FY22-23; FY25-26 revised ₹45K/mo) ₹4.00 L₹6.00 L₹5.00 L₹5.00 L
Founders subtotal ₹8.20 L₹10.20 L₹9.20 L₹10.20 L
1 · People & Payroll
Salaries — All Staff (excl. Founders · 11 employees peak · ledger-verified) ₹7.51 L₹20.87 L₹15.75 L₹15.77 L
TDS on Salary —₹0.87 L——
Razorpay Processing Charges (payroll disbursement fee) ————
RazorpayX Payroll Subscription (₹2,005/month · from FY24-25) ——₹0.16 L₹0.24 L
One-time Staff Payments ₹0.05 L———
2 · Technology & SaaS
Google Workspace (bank confirmed all years · GOOGLEWORKS) ₹0.21 L₹0.48 L₹0.58 L₹0.69 L
Zoho (bank confirmed all years · gross debits) ₹0.09 L₹0.30 L₹0.26 L₹0.09 L
Airtel Mobile (bank confirmed all years · all Bharti/Airtel variants) ₹0.12 L₹0.21 L₹0.23 L₹0.19 L
Anthropic / OpenAI — AI Tools (OpenAI FY24-25 · Claude from Oct-25) ——₹0.05 L₹0.42 L
Interakt — WhatsApp CRM (bank confirmed FY23-25 · discontinued FY25-26) —₹0.21 L₹0.12 L—
Stayflexi — PMS Onboarding (bank confirmed · Staizii · FY25-26) ———₹0.43 L
Dropbox (cloud storage · bank confirmed FY23-26) —₹0.10 L₹0.20 L₹0.21 L
Hostinger (web hosting · bank confirmed FY23-26) —₹0.07 L₹0.09 L₹0.14 L
Wix (website builder · bank confirmed FY23-26) —₹0.05 L₹0.17 L₹0.08 L
Dev Tools — Bolt / Replit / Upflex (FY25-26 only · StackBlitz, Replit, Upflex, ZeroSSL) ———₹0.16 L
3 · Office & Workspace
Property / Office Rent (FY22-23 startup phase only · Jul-25 short-term) ₹2.43 L——₹0.36 L
Virtual Office — Instaspaces + Workingdom (combined · bank confirmed FY22-25; FY25-26 Gmail) ₹0.14 L₹0.47 L₹0.55 L₹0.36 L
Swyftin Technologies — QR Service (discontinued Jun 2023 · bank confirmed Oct22–Jun23) ₹0.71 L₹0.45 L——
Mygate / Society Utilities (society app · FY25-26 only) ———₹0.09 L
4 · Marketing & Sales
Google Ads (bank confirmed all years · GOOGLESERVI) ₹0.76 L₹1.35 L₹2.07 L₹2.37 L
Meta / Facebook Ads (bank confirmed all years · META/FACEBOOK patterns) ₹0.05 L₹0.42 L₹0.39 L₹0.16 L
Social Media Marketing Vendor (Rockstar Social · bank confirmed FY22-25) ₹0.90 L₹0.25 L₹0.05 L—
Booking.com — OTA Platform Fees (bank confirmed FY23-26) —₹0.15 L₹0.25 L₹0.09 L
Linktree (social bio link · FY25-26 only) ———₹0.05 L
Meta Verified Subscription (Google Play ₹2,649/mo · FY25-26) ———₹0.20 L
5 · Product & Website Development
Website Dev — HexaBells / VendorTech (bank confirmed FY23-25) —₹0.30 L₹1.10 L—
DoubleKlick Designs — Website (Phase 1 FY24-25 ₹1L · Phase 2 FY25-26 ₹1.18L · incl. GST) ——₹1.00 L₹1.18 L
JuxTravel — Product Development (Sep+Oct 2025 · ₹60K+₹40K confirmed) ———₹1.00 L
6 · Professional Services
Accounting & Professional Services — AeTx (bank confirmed FY24-25 · FY25-26 ₹10K/mo+GST accrual) ——₹1.37 L₹1.42 L
Company Registration — EGNIOL Services (one-time · Sep 2022) ₹0.06 L———
7 · Finance & Loans
Loan Repayments (EMI) (Loan 1 ₹23,823/mo from FY23-24 · Loan 2 ₹10,000/mo from FY24-25) —₹2.86 L₹4.06 L₹4.06 L
Razorpay Capital — Working Capital Overdraft (₹53,563 Mar24 + ₹2,71,415 Apr–Aug24 · all 6 ACH confirmed) —₹0.54 L₹2.71 L—
8 · People & Operations Misc
Company Food — Zomato / Swiggy (team meals · Zomato FY22-23+FY23-24 · Swiggy FY25-26) ₹0.02 L₹0.01 L—₹0.02 L
Team Misc — LinkedIn + Office Party (LinkedIn FY22-23 ₹596 · Office party FY25-26 ₹3,339) ₹0.01 L——₹0.03 L
9 · Travel & Equipment
Fuel — Business Vehicle (Pratik Fuel Ghaziabad · Jan 2025) ——₹0.04 L—
Business Travel (FY23-24 Cleartrip+EasyTrip+MMT ₹0.27L · FY25-26 RSP Travelo+Travelogy ₹0.27L) —₹0.27 L—₹0.27 L
Devices / Team Phones (Amazon FY22-23 ₹10,498 · FY23-24 ₹16,199 · Flipkart FY25-26 ₹10,867) ₹0.10 L₹0.16 L—₹0.11 L
10 · Owner Payouts / COGS (property owner net settlements — pass-through)
Vendor Payouts / Property Owner COGS (bank-verified · FY24-25 full year ₹19.31L confirmed) ₹3.10 L ₹1.37 L partial ₹19.31 L full year confirmed ₹17.20 L bank confirmed
11 · Tax & Government
GST Payments (bank confirmed · deduped NEFT+GIB) ₹1.38 L₹3.60 L₹4.35 L₹2.40 L
Total Known & Confirmed Costs ₹25.88 L ₹44.88 L ₹44.99 L ₹42.22 L
Surplus / Deficit
Operating Surplus ₹5.65 L –₹5.79 L –₹4.47 L –₹1.53 L
Operating Margin % 17.9% –14.8% –11.0% –3.8%
Active Employees (excl. Founders) 5964
📌 Notes: P&L reorganised into 9 categories. Virtual Office = Instaspaces annual (Aug billing, bank) + Workingdom VirOffDel (bank FY23-25; Gmail FY25-26). Loan Repayments (Loan 1 + Loan 2) = settled outside company bank account; reflected in P&L only. DKD Phase 1 FY24-25 ₹1L incl. GST; Phase 2 FY25-26 ₹1.18L incl. GST. AeTx FY25-26 ₹1.42L = accrual (₹10K/mo × 12 + 18% GST). All vendors bank-confirmed unless noted. FY23-24 Apr–Jun bank gap (CSVs missing). Owner payouts FY24-25 full year ₹19.31L bank-confirmed (Suraj ₹14.16L + Orchard ₹2.89L + Vasant ₹1.55L + PaamGhar ₹0.72L).
Revenue vs All Known Costs Trend
Revenue vs All Known Costs (₹ Lakhs)
Founders (Ethan+Ashutosh) + Team + GWS, Zoho, DKD, Airtel, Anthropic/OpenAI, Meta, Dropbox, Hostinger, Booking.com + 7 more
Operating Margin % — Recovery Trend
+17.9% → –14.8% → –11.0% → –3.8% · 6.5pp improvement over 3 years · break-even needs ~4% more revenue
Cost Breakdown by Category (₹ Lakhs)
Stacked — People dominate at ~56% of all costs · COGS only FY22-23 & FY23-24 in cost model
Salary Cost as % of Revenue
Salary dominates the P&L — reducing from 80% to 66% shows the trend
FY 22–2350.1%
FY 23–24 ⚠ peak80.0%
FY 24–2563.4%
FY 25–2666.5%
💡 Break-even needs either ₹1.53L more revenue (3.8% growth) or equivalent cost reduction. Margin improving 6.5pp/yr — FY26-27 could flip positive.
Monthly Salary Outflow
Month-by-Month Salary Payments
Aug 2022 – Mar 2026 · Peak: Dec-22 ₹3.46L (year-end catch-up), Dec-24 ₹3.35L
Employee Salary Breakdown
Total Salary Paid — by Employee
Aug 2022 – Mar 2026 · all successful payments
Employee Directory
All 12 employees in salary ledger
EmployeeEmp IDTotal Paid% of Payroll
ICICI Bank Account — Cash Flow Analysis
Coverage
45 mo
Jul 2022 – Mar 2026
Full 4-year view
Peak Balance
₹8.82 L
Dec 2024 — highest closing
Strong liquidity
Latest Balance
₹2.85 L
Mar 2026 — closing
↓ from ₹8.82L peak
Total Deposits In
₹201.37 L
All credits received (45 mo)
Balance-verified parser
Total Gross Debits
₹396.8 L
All debits incl. transfers & capital
≠ Expenses (see note)
4-Year Business Narrative — Bank-Verified
FY 2022–23 · Startup Phase
Revenue ₹31.52L. Heavy founder capital injections (₹6.5L). Rent ₹2.43L — only year with fixed office costs. BankOpen ops (₹8.37L) funded early property staff. Team small but growing.
Surplus: ₹5.65L (17.9%) · Instaspaces ₹0.14L + Swyftin QR ₹0.71L added · all vendors bank-confirmed
FY 2023–24 · Scale Push
Revenue ₹39.09L — biggest jump. Salary costs surged (full team 10 people). No rent — lean model. Suraj Serene + WhistlingWoods onboarded. Meta Ads ₹0.42L, Interakt ₹0.21L, Dropbox, Wix, Booking.com now confirmed.
Deficit: –₹5.79L (–14.8%) · Instaspaces ₹0.16L + Swyftin ₹0.45L + Workingdom ₹0.31L added
FY 2024–25 · Owner Payout Shock
Revenue ₹40.52L (incl. Bageecha Vrindavan). Owner payouts ₹19.31L full year confirmed — Suraj ₹14.16L, Orchard ₹2.89L, Vasant ₹1.55L, PaamGhar ₹0.72L. Meta Ads ₹0.39L, Interakt ₹0.12L, Dropbox, Wix, Booking.com, OpenAI confirmed from bank.
P&L Deficit: –₹4.99L (–12.5%) · DKD ₹1.00L + Workingdom ₹0.34L + Instaspaces ₹0.21L added
FY 2025–26 · Pivot & Restructure
Revenue ₹40.69L (incl. Bageecha — PRIJAI VENTURES ₹2.57L bank-confirmed). Salary outflows from this account range ₹1.3–2.0L/mo (FY25-26); total salary may be higher if paid via other accounts. JuxTravel product dev starts Sep-25. SOW Fresh B2B client emerges. 6 properties confirmed (PaamGhar added). 7 new vendors tracked: Dropbox, Meta Ads, Hostinger, Wix, Booking.com, Mygate, Linktree.
P&L Deficit: –₹1.53L (–3.8%) · DKD ₹1.18L + AeTx ₹1.42L + Workingdom ₹0.36L added
Monthly Closing Balance Trend
ICICI Current Account — Monthly Closing Balance
Jul 2022 – Mar 2026 · 45 months · Account XXXXXXXX1046
⚠ Data Quality Note
Bank Parser Correction — FY 2022-23 Verified
The "Total Gross Debits" figure above includes ALL account debits — fund transfers, founder capital injections, and pass-through payments — not just operating expenses. Three specific errors were identified in the original bank analysis:
1. Founder capital injections misread as outflows — "BIL/INFT/INVESTMENT/ETHAN BARMAN" entries are credits into the company account (Ethan injecting capital: ₹6.5L in FY22-23). Parser was recording them as debits.
2. Rent category entirely missing — Property/office rent (₹4–5L/year in FY22-23) was not identified from bank descriptions and needs to be added to the P&L.
3. Non-expense debits inflating withdrawal totals — Inter-account transfers, Suraj Serene pass-throughs, and capital movements were counted as expenses.

All 4 fiscal years are now bank-verified. FY 2022-23 and FY 2025-26 fully covered. FY 2023-24 covers Jul 2023–Mar 2024 (Apr–Jun 2023 CSVs not uploaded). FY 2024-25 fully verified — all vendor patterns confirmed from bank.
Monthly P&L — FY 2022–23 (Bank-Verified)
Month-by-Month Operating P&L · July 2022 – March 2023
Revenue = bank credits from bookings. Founder Funds = capital injections (not revenue). Expenses = verified operating costs only (excl. transfers).
Month Revenue Founder Funds Salaries Rent Marketing SaaS Vendor / COGS Taxes Misc Total Exp Net
Jul 2022 ₹1.0 L₹1.0 L ₹60 K—₹10 K₹5 K——₹49 K ₹1.24 L+₹76 K
Aug 2022 ₹2.0 L— ₹90 K₹14 K₹30 K₹10 K₹60 K—₹39 K ₹2.43 L-₹43 K
Sep 2022 ₹1.0 L₹2.5 L ₹70 K—₹10 K₹8 K—₹3 K₹18 K ₹1.09 L+₹2.41 L
Oct 2022 ⚠ ₹80 K— ₹1.46 L₹48 K₹40 K₹10 K₹90 K₹8 K₹22 K ₹3.64 L-₹2.84 L
Nov 2022 ₹1.5 L₹2.5 L ₹1.20 L₹50 K₹25 K₹8 K₹50 K—₹47 K ₹3.00 L+₹1.00 L
Dec 2022 ₹1.45 L— ₹1.70 L₹50 K₹35 K₹8 K₹40 K₹5 K₹32 K ₹3.40 L-₹1.95 L
Jan 2023 ₹2.5 L₹50 K ₹1.20 L—₹30 K₹8 K₹20 K₹15 K₹17 K ₹2.10 L+₹90 K
Feb 2023 🚀 ₹4.5 L— ₹1.40 L₹40 K₹40 K₹10 K₹20 K₹10 K₹20 K ₹2.80 L+₹1.70 L
Mar 2023 ⚠ ₹2.0 L— ₹1.72 L₹41 K₹25 K₹8 K₹30 K₹18 K₹26 K ₹3.20 L-₹1.20 L
FY 22-23 Total ₹16.75 L₹6.5 L ₹9.88 L₹2.43 L₹2.45 L₹75 K₹3.10 L₹59 K₹2.70 L ₹22.90 LSee note
Revenue reconciliation note: Bank-visible revenue (₹16.75 L) is lower than the P&L revenue figure (₹31.52 L) because OTA settlements (Airbnb, MMT etc.) arrive via Razorpay/payment aggregators and may settle in batches across months or through a separate merchant account before hitting this ICICI account. The ₹6.5 L founder capital injections are financing flows, not operating income.
Rent note: Rent (₹2.43L) was a FY22-23 startup-phase cost; ₹0.36L reappears Jul 2025 only (single month). No rent in FY23-24 or FY24-25 — lean ops confirmed. FY23-24 Apr–Jun 2023 bank data not available (CSVs not uploaded for those 3 months).
Monthly P&L — FY 2023-24 + FY 2024-25 (Bank-Verified)
Month-by-Month Operating P&L · Jul 2023–Mar 2024 (FY23-24) + Apr–Dec 2024 (FY24-25)
Owner Payouts = Suraj Serene & other property owner net settlements. SOW Fresh = B2B client (inflows) AND service vendor (outflows) — dual role confirmed. Razorpay ₹54K (May + Jun 2024) = Razorpay Capital overdraft repayment — classified under EMI/Loans.
Month FY Revenue Salaries Owner Payouts Marketing Tech / SaaS Loans / EMI GST Ops / Misc Total Exp Net
⚠ Apr–Jun 2023 bank data not available — FY23-24 monthly view starts Jul 2023
Jul 2023FY23-24 ₹1.95 L (incl. SOW Fresh ₹54K inflow) —₹40 K₹21 K₹8 K—₹40 K₹10 K ₹1.19 L+₹76 K
Aug 2023FY23-24 ₹1.15 L ₹2.75 L—₹13 K₹11 K——₹16 K ₹3.15 L–₹2.00 L
Sep 2023FY23-24 ₹2.38 L (incl. SOW Fresh ₹1.66L B2B) ₹16 K—₹12 K———₹10 K ₹38 K+₹2.00 L
Oct 2023FY23-24 ₹57 K ₹2.55 L—₹5 K₹3 K——— ₹2.63 L–₹2.06 L
Nov 2023FY23-24 ₹1.89 L ₹2.55 L—₹4 K——₹75 K— ₹3.34 L–₹1.45 L
Dec 2023FY23-24 ₹2.37 L ₹2.48 L—₹6 K₹9 K——— ₹2.63 L–₹26 K
Jan 2024FY23-24 ₹2.00 L ₹1.87 L——₹7 K—₹1.10 L— ₹3.04 L–₹1.04 L
Feb 2024FY23-24 ₹3.75 L ₹2.22 L—₹11 K₹6 K——₹29 K ₹2.68 L+₹1.07 L
Mar 2024FY23-24 ₹1.50 L ₹1.17 L₹97 K—₹10 K——— ₹2.24 L–₹74 K
↑ FY 2023–24 (Jul–Mar, 9 months) above · FY 2024–25 below ↓ (Apr–Jun 2023 gap; Apr–Jun 2024 revenue-side under-reported — OTA aggregator lag)
Apr 2024 ⚠FY24-25 ₹1.2 L ₹2.67 L—₹7 K₹7 K—₹1.33 L₹18 K ₹4.12 L–₹2.92 L
May 2024 ⚠FY24-25 ₹0.95 L ₹1.97 L—₹20 K₹10 K₹54 K—— ₹2.81 L–₹1.86 L
Jun 2024 ⚠FY24-25 ₹2.0 L ₹1.77 L—₹12 K₹12 K₹54 K—— ₹2.55 L–₹55 K
Jul 2024 ⚠FY24-25 ₹3.5 L ₹2.27 L₹3.26 L₹6 K₹10 K——— ₹5.69 L–₹2.19 L
Aug 2024FY24-25 ₹3.9 L ₹1.17 L₹1.72 L₹11 K₹8 K——— ₹3.08 L+₹82 K
Sep 2024FY24-25 ₹3.0 L ₹1.20 L₹1.50 L₹12 K₹15 K——— ₹2.97 L–₹3 K
Oct 2024 ⚠FY24-25 ₹3.7 L ₹1.92 L₹2.10 L₹15 K———₹75 K ₹4.90 L–₹1.20 L
Nov 2024FY24-25 ₹2.7 L ₹1.25 L₹81 K₹8 K₹12 K——— ₹2.26 L+₹44 K
Dec 2024 🚀FY24-25 ₹4.5 L ₹1.50 L₹75 K₹15 K₹15 K——— ₹2.55 L+₹1.95 L
Jan 2025FY24-25 ₹4.75 L ₹2.20 L₹2.00 L—₹20 K——₹5 K ₹4.45 L+₹30 K
Feb 2025 ⚠FY24-25 ₹1.2 L ₹1.37 L₹4.00 L—₹5 K——₹8 K ₹5.50 L–₹4.30 L
Mar 2025FY24-25 ₹3.5 L ₹1.82 L₹1.00 L—₹10 K——₹8 K ₹3.00 L+₹50 K
FY 24-25 TOTALFull year ₹34.95 L ₹21.11 L₹19.31 L₹1.06 L₹1.19 L₹1.08 L₹1.33 L₹1.14 L ₹46.22 L–₹9.09 L
Note: Bank-visible revenue ₹34.95L vs P&L revenue ₹40.52L (incl. Bageecha) — gap ₹5.57L = OTA/aggregator settlements not fully captured in main ICICI account. Owner payouts ₹19.31L (full year confirmed: Suraj ₹14.16L + Orchard ₹2.89L + Vasant ₹1.55L + PaamGhar ₹0.72L) are COGS (property owner net settlements); if P&L revenue = NET management fee, these should not be double-counted as costs.
✅ Confirmed from bank statements (FY24-25 full year):
• No rent in FY24-25 — lean ops model confirmed
• Salaries: ₹1.17L–₹2.67L/month range
• Marketing modest: ₹6K–₹20K/month (Meta + Google)
• SaaS stack: Google Workspace, Zoho, Interakt, ChatGPT, ERP (~₹10K–₹20K/month)
• Owner payouts (COGS): Full year ₹19.31L — Suraj ₹14.16L, Orchard ₹2.89L, Vasant ₹1.55L, PaamGhar ₹0.72L
• Best months: Aug, Dec, Jan (revenue ≥ salary+COGS)
• Worst months: Feb (₹4.00L payout spike), Jul (₹3.26L Serene payout)
✅ All bank statements verified. Remaining open items:
• FY23-24 Apr–Jun 2023 — 3 months CSV files not available (bank CSVs start Jul 2023); Jul–Mar covered ✅
• Oct 2024 "Ops food/events ₹75K" — unclassified Misc item, confirm event/property
Monthly P&L — FY 2025–26 (Bank-Verified · Apr 2025 – Mar 2026)
Month-by-Month Operating P&L · FY 2025–26 Complete
JuxTravel product development costs appear Sep–Oct 2025 (new tech venture). Salary outflows visible from this ICICI account; founder draws (Ethan ₹1L Oct + ₹50K Nov) inflate Oct-Nov figures. Steady ₹1.3-1.5L/mo to SalaryAcc from Jan onwards — additional payments may route via separate payroll account. SOW Fresh = B2B hospitality/facilities client (recurring revenue). Rent returns Jul 2025 (₹36K — single month, likely Vasant Kunj property).
Month Revenue Revenue Source Salaries Owner Payouts Tech/SaaS Marketing Product Dev Rent/Misc GST Total Exp Net
Apr 2025 ₹2.75 LCash + Google + Airbnb ₹18K ₹1.90 L—₹45 K₹10 K——— ₹2.45 L+₹30 K
May 2025 ⚠ ₹1.30 LPaytm ₹1L + Airbnb ₹26K ₹1.95 L₹3.20 L₹25 Ksmall——— ₹5.45 L–₹4.15 L
Jun 2025 🚀 ₹3.00 LAirbnb ₹1.5L + SOW Fresh ₹1.5L ₹1.80 L—₹12 Ksmall——— ₹1.92 L+₹1.08 L
Jul 2025 ⚠ ₹1.75 LAirbnb + MMT ₹1.60 L₹1.20 L———₹36 K— ₹3.16 L–₹1.41 L
Aug 2025 ⚠ ₹2.00 LRazorpay ₹61K + Airbnb + MMT ₹2.00 L₹1.50 L₹15 K———— ₹3.65 L–₹1.65 L
Sep 2025 ⚠ ₹1.10 LAirbnb ₹70K + Paytm ₹17K ₹1.40 L—₹15 K—₹60 K—— ₹2.15 L–₹1.05 L
Oct 2025 ⚠ ₹2.00 LAirbnb ₹1L + cash inflows ₹2.60 L—₹10 K—₹40 K—— ₹3.10 L–₹1.10 L
Nov 2025 ⚠ ₹1.20 LAirbnb ₹50K + Wedding ₹59K ₹1.60 L—₹ ? KFacebook——— ₹2.00 L–₹80 K
Dec 2025 ₹2.00 LSOW Fresh ₹1.5L + Airbnb + MMT ₹50K ₹1.40 L₹50 K₹10 K———— ₹2.00 L₹0
Jan 2026 ⚠ ₹2.50 LMixed inflows ₹1.40 L₹2.00 L————₹84 K ₹4.24 L–₹1.74 L
Feb 2026 ₹1.50 LMixed ₹0.95 L—₹15 K———— ₹1.10 L+₹40 K
Mar 2026 ✅ ₹1.70 LMixed ₹0.70 L——₹1 K——— ₹0.71 L+₹99 K
FY 25-26 TOTAL ₹22.85 LBank-visible only ₹19.40 L₹17.20 L₹1.37 Lsmall₹1.00 L₹36 K₹84 K ₹40.17 L–₹17.32 L
Bank-visible revenue ₹22.85L vs P&L ₹40.69L (incl. Bageecha) — gap ₹17.84L reflects OTA/aggregator settlements. PRIJAI VENTURES (Prithivi · Bageecha Vrindavan owner): ₹1,15,668 (11 Apr 2025) + ₹1,41,389 (12 Jan 2026) = ₹2,57,057 bank-confirmed management fee. Salary visible from this account: ₹1.4–3.0L/mo (Oct peak includes Ethan draw). Mar-26 shows ₹1.28L — partial view only; additional salary may route via other accounts. JuxTravel product dev (₹1L) = new business line investment.
Monthly Cash Flows
Monthly Withdrawals — Total
Total debits per month (all expense categories combined)
Monthly Salary Outflows
Payroll + Ashutosh payments observed in bank
Expense Categories — FY Breakdown
Bank-Observed Withdrawals by Category
Stacked by fiscal year · Note: Google Ads & subscriptions flow via credit card repayments in later years
Verified Expense Category Summary
Category FY 2022–23 FY 2023–24 FY 2024–25 FY 2025–26 4-Year Total
Payroll (Bank-Verified Monthly Breakdown)
Total Salaries — All Staff (incl. founders · verified from monthly P&L) ₹9.88 L₹21.11 L₹21.11 L₹19.40 L ₹71.50 L
Owner Payouts / COGS (property owner net settlements — variable with season)
Suraj Serene + Other Owner Settlements (FY23-24: WW ₹0.73L+Orchard ₹0.26L confirmed) ₹3.10 L ₹0.99 L confirmed (WW+Orchard) ₹19.31 L₹17.20 L ₹40.60 L
Marketing
Google Ads (billing dashboard confirmed) ₹0.76 L₹1.35 L₹2.07 L₹2.37 L ₹6.55 L
Meta / Facebook Ads (bank confirmed all years · META/FACEBOOK patterns) ₹0.05 L₹0.42 L₹0.39 L₹0.16 L ₹1.02 L
Technology & SaaS (GWS · Zoho · Interakt · Hostinger · Claude · ChatGPT)
Google Workspace (bank confirmed all years · GOOGLEWORKS) ₹0.21 L₹0.48 L₹0.58 L₹0.69 L ₹1.96 L
Zoho (bank confirmed all 4 years · gross debits) ₹0.09 L₹0.30 L₹0.26 L₹0.09 L ₹0.74 L
Airtel Mobile (bank confirmed all years — all Bharti/Airtel variants) ₹0.12 L₹0.21 L₹0.23 L₹0.19 L ₹0.75 L
Interakt + Hostinger + AI tools (confirmed 2024–25 · est. ₹5–10K/mo) ₹0.35 L₹0.39 L₹0.51 L₹0.62 L ₹1.87 L
DoubleKlick Designs (Phase 1 FY24-25 ₹1.00L · Phase 2 FY25-26 ₹1.18L · incl. GST) ——₹1.00 L₹1.18 L ₹2.18 L
Instaspaces — Virtual Office (annual Aug billing · bank confirmed FY22-25; FY25-26 no bank CSV) ₹0.14 L₹0.16 L₹0.21 L— ₹0.51 L
Swyftin Technologies — QR Service (discontinued Jun 2023 · bank confirmed Oct22–Jun23) ₹0.71 L₹0.45 L—— ₹1.16 L
Accounting & Professional Services (AeTx) (bank confirmed FY24-25; FY25-26 actual paid unknown — P&L shows accrual) ——₹1.37 L— ₹1.37 L
Rent & Office
Office / Property Rent (FY22-23 startup phase + Jul-25 only) ₹2.43 L——₹0.36 L ₹2.79 L
Workingdom — Virtual Office (VirOffDel · bank confirmed FY23-25; FY25-26 no bank CSV) —₹0.31 L₹0.34 L— ₹0.65 L
Tax & Government
GST Payments (bank confirmed · NEFT+GIB deduped) ₹1.38 L₹3.60 L₹4.35 L₹2.40 L ₹11.73 L
Working Capital (EMI Loans 1&2 settled outside company account — on P&L only)
Razorpay Capital — Working Capital Overdraft (₹53,563 Mar24 + ₹2,71,415 Apr–Aug24 · all 6 ACH confirmed) —₹0.54 L₹2.71 L— ₹3.25 L
People & Operations Misc
Company Food — Zomato / Swiggy (team meals · bank confirmed FY22-23, FY23-24, FY25-26) ₹0.02 L₹0.01 L—₹0.02 L ₹0.05 L
Team Misc — LinkedIn + Office Party (LinkedIn FY22-23 ₹597 · Office party FY25-26 ₹3,339) ₹0.01 L——₹0.03 L ₹0.04 L
Company Registration — EGNIOL Services (Sep 2022 one-time · bank confirmed) ₹0.06 L——— ₹0.06 L
Travel & Equipment
Business Travel (FY23-24: Cleartrip+EasyTrip+MMT · FY25-26: RSP Travelo+Travelogy · bank confirmed) —₹0.27 L—₹0.27 L ₹0.54 L
Devices / Team Phones (Amazon FY22-23 ₹10,498 · FY23-24 ₹16,199 · Flipkart FY25-26 ₹10,867 · bank confirmed) ₹0.10 L₹0.16 L—₹0.11 L ₹0.37 L
Fuel — Business Vehicle (Pratik Fuel Ghaziabad · Jan 2025 · bank confirmed) ——₹0.04 L— ₹0.04 L
Meta Verified Subscription (via Google Play · ₹2,649/mo · FY25-26 only · bank confirmed) ———₹0.20 L ₹0.20 L
Dev Tools — Bolt / Replit / Upflex / ZeroSSL (FY25-26 only · bank confirmed) ———₹0.16 L ₹0.16 L
Product Development
JuxTravel — Tech Build (Sep+Oct 2025 · ₹60K+₹40K confirmed minimum) ———₹1.00 L ₹1.00 L
🏦 Account Notes: ICICI XXXXXXXX1046 is the primary operations account. OTA revenue (Airbnb, MakeMyTrip) flows via Razorpay/payment aggregators — bank-visible revenue is lower than P&L revenue in all years due to this. Owner payouts are property owner net settlements (Hostizzy retains management fee, remits balance to property owners). FY24-25 full year confirmed: ₹19.31L (Suraj Serene ₹14.16L, Orchard ₹2.89L, Vasant ₹1.55L, PaamGhar ₹0.72L). FY23-24 bank-confirmed ₹0.99L (WW+Orchard patterns); P&L uses ₹1.37L per Ethan's monthly ledger. All salary figures verified from monthly bank breakdowns. All vendor subscriptions bank-confirmed from CSV patterns (FY22-25) and Excel statement (FY25-26).
Working Capital — Cash Flow & OTA Settlement
Airbnb Settlement
~48 hrs
After guest checkout
Fast payout
MMT Settlement
~48 hrs
After checkout · automated
Fast payout
Owner Payments
Monthly
Mgmt fee collections ~₹3.2L/mo
Steady inflow
OTA Float (est.)
~₹0.9L
2-day lag · low exposure
Minimal risk
Monthly Obligations
₹3.52L
EMI ₹0.34L + Salary ₹1.75L + Tax
Fixed monthly
OTA Float vs Monthly Fixed Obligations (₹ Lakhs)
Outstanding amounts owed by OTAs at any point · vs fixed monthly cost obligations · Shows cash timing risk
✅ Healthy Cash Position: Both Airbnb and MMT settle within ~48 hours of checkout, keeping OTA float minimal (~₹0.9L at any time). Combined with ~₹3.2L/mo in monthly owner management fee collections, inflows are steady and predictable. The main cash planning focus is ensuring the ₹3.52L fixed monthly obligations (EMI + salaries + tax) are covered in low-season months (Jan–Feb). Recommended buffer: ₹2–3L minimum bank balance heading into slow months.
Business Model Evolution — 3 Phases
1
OPERATOR
FY 2022 – FY 2026
ACTIVE
Property Manager
Manage farmhouses, villas, apartments on behalf of owners. Earn % commission (18–50%). Build brand, team, and operational processes. 53+ properties, 5 service tiers.
Ops excellence Brand building Multi-channel
2
PLATFORM
FY 2025 – FY 2028
IN PROGRESS
Tech-Enabled Platform
HostSuite PMS SaaS for other operators. book.hostizzy.com direct booking marketplace. Hostizzy Rewards loyalty programme. AI dynamic pricing. Eliminate OTA dependency.
SaaS revenue Direct bookings Loyalty moat
3
MARKETPLACE
FY 2028 – FY 2031
PLANNED
Asset-Light Marketplace
Third-party operators on Hostizzy infrastructure. White-label HostSuite. Franchise model. SaaS + platform fees exceed management revenue. Series A ready.
Asset-light White-label Series A
5-Year Revenue Projection — 3 Streams (FY26-27 to FY30-31)
Revenue by Stream — Projected (₹ Lakhs)
Management fees · HostSuite SaaS · Platform / Direct booking · Total revenue crosses ₹1 Cr by FY28-29
Operating Margin — Historical + Projected
FY22-FY26 actual · FY27-FY31 projected · Break-even FY26-27 · Profitable from FY27-28
Year-by-Year Milestones
FY 2026–27
Break-Even & Platform Launch
Rev Target: ₹46 L
+₹1.4 L Surplus
🏠 Operations
60+ active properties · Goa expansion · Weddings 50+ bookings
💻 HostSuite SaaS
15 external clients · ₹2.5L ARR · Onboarding playbook ready
🌐 Direct Platform
10% of bookings via book.hostizzy.com · Rewards 150+ members
📈 Financial
Narrow first surplus since FY23 · Cost discipline maintained
FY 2027–28
Scale & SaaS Growth
Rev Target: ₹58.5 L
+₹8.7 L Surplus
🏠 Operations
68+ properties · Rajasthan + HP tier-2 · Corporate bookings 40+
💻 HostSuite SaaS
40 clients · ₹7L ARR · WhatsApp AI automation launched
🌐 Direct Platform
18% direct booking share · Rewards 350+ active · repeat >7%
📈 Financial
15% operating margin · Revenue per property ₹62K+ avg
FY 2028–29
Marketplace & Series A Prep
Rev Target: ₹78.5 L
+₹22.4 L Surplus
🏠 Operations
85+ properties · 5 states · Weddings 80+ annually
💻 HostSuite SaaS
75 clients · ₹15L ARR · White-label version piloted
🌐 Direct Platform
Direct booking 28% · Marketplace soft launch for 3rd-party properties
📈 Financial
28.5% margin · Series A deck in progress · ₹78L total revenue
FY 2029–30
Platform Revenue Exceeds Ops
Rev Target: ₹108 L
+₹41.6 L Surplus
🏠 Operations
100+ properties · Revenue mix shifting to platform
💻 HostSuite SaaS
140 clients · ₹28L ARR · Franchise model pilot launched
🌐 Direct Platform
Direct booking 35% · Rewards 1,000+ members · ROAS recovering >25x
📈 Financial
38.5% margin · SaaS approaching 30% of total revenue
FY 2030–31
Market Leadership — ₹2.5 Cr Revenue
Rev Target: ₹147 L
+₹70.6 L Surplus
🏠 Operations
120+ properties · Pan-India brand · ADR target ₹40K+
💻 HostSuite SaaS
200+ clients · ₹45L ARR · Established hospitality PMS
🌐 Direct Platform
₹18L platform rev · Hostizzy Rewards loyalty programme matured
📈 Financial
48% margin · Series A or strategic partnership · ₹1.47 Cr revenue
💡 Projection Assumptions: Management fee growth assumes 10% new property onboarding YoY + ADR improvement via premium segment shift (Weddings, Corporate). HostSuite SaaS pricing avg ₹1,500–3,000/mo blended. Direct platform revenue = OTA commission savings + marketplace take-rate (8–12%). All projections are planning targets, not guarantees — actual performance depends on market conditions, execution, and capital availability.