Hostizzy — Financial Health Dashboard 2022

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

Status	Property	FY25-26 GMV	Last 3 Months	Signal
● Healthy	Sunhari Bagh Farmhouse	₹80.6L	₹5.96L → ₹5.2L → ₹6.74L	Stable, strong recovery
● Healthy	Mulberry Farm	₹38.0L	₹1.58L → ₹0.97L → ₹1.75L	Seasonal dip, recovered
● Healthy	Kesari Bagh	₹37.0L	₹1.56L → ₹1.53L → ₹4.51L	Strong March recovery
● Healthy	The Orchard Farm	₹36.9L	₹0.38L → ₹2.15L → ₹2.97L	Dipped Jan, fully recovered
● Healthy	Bageecha Vrindavan	₹32.5L	₹2.15L → ₹2.07L → ₹4.01L	Seasonal, good recovery
● Healthy	Casa Fiesta	₹12.7L	₹0.63L → ₹3.48L → ₹1.97L	Growing trend
◑ Watch	Serene by Sunkissed	₹11.4L	₹0.0L → ₹0.0L → ₹0.0L	Silent last 3 months — verify
◑ Watch	RajNikas Farm	₹11.8L	₹0.8L → ₹0.29L → ₹0.76L	Low, inconsistent
◑ Watch	Grey Cottage	₹8.9L	₹0.48L → ₹0.0L → ₹0.0L	Went quiet Feb-Mar
✖ At Risk	Whistling Woods Farm	₹14.7L	₹1.26L → ₹0.3L → ₹0.45L	Sustained decline all year
✖ At Risk	Paam Ghar	₹7.7L	₹0.3L → ₹0.07L → ₹0.0L	Declining to zero — review contract
✖ At Risk	Amarna - The Retreat	₹2.1L	₹0.0L → ₹0.0L → ₹0.0L	No activity since Oct 25
✖ At Risk	AryaNiwas Homestay	₹1.4L	₹1.05L → ₹0.0L → ₹0.0L	Minimal 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)

Revenue per Employee (GMV basis)

GMV ÷ headcount · Rising headcount vs flat GMV = productivity dilution · Target: ₹300L+ per head

Break-Even Tracker

FY 22-23 — Profitable

+₹0.47L/mo

Revenue ₹2.63L · Cost ₹2.16L

FY 23-24 Gap

–₹0.48L/mo

Need ~11 more bookings/mo · Cost ₹3.74L

FY 24-25 Gap

–₹0.37L/mo

Need ~9 more bookings/mo · Cost ₹3.75L

FY 25-26 Gap — Almost There

–₹0.13L/mo

Just ~4 bookings/mo away · 90% to break-even

Monthly Revenue vs Break-Even Cost (₹L/month)

Bar = avg monthly revenue · Dashed line = monthly cost target · Gap closes each year

💡 Path to break-even: FY25-26 monthly gap is just ₹12,800 — equivalent to ~4 extra bookings at current avg fee (₹3,523), or onboarding 1–2 new properties. At current trajectory, FY26-27 should be Hostizzy's first fully profitable year since FY22-23.

💡 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 ₹69L to ₹28L 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)	5	9	6	4

📌 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

Employee	ID	Role	Joined	Tenure	Status	Salary

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 L	See 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 2023	FY23-24	₹1.95 L (incl. SOW Fresh ₹54K inflow)	—	₹40 K	₹21 K	₹8 K	—	₹40 K	₹10 K	₹1.19 L	+₹76 K
Aug 2023	FY23-24	₹1.15 L	₹2.75 L	—	₹13 K	₹11 K	—	—	₹16 K	₹3.15 L	–₹2.00 L
Sep 2023	FY23-24	₹2.38 L (incl. SOW Fresh ₹1.66L B2B)	₹16 K	—	₹12 K	—	—	—	₹10 K	₹38 K	+₹2.00 L
Oct 2023	FY23-24	₹57 K	₹2.55 L	—	₹5 K	₹3 K	—	—	—	₹2.63 L	–₹2.06 L
Nov 2023	FY23-24	₹1.89 L	₹2.55 L	—	₹4 K	—	—	₹75 K	—	₹3.34 L	–₹1.45 L
Dec 2023	FY23-24	₹2.37 L	₹2.48 L	—	₹6 K	₹9 K	—	—	—	₹2.63 L	–₹26 K
Jan 2024	FY23-24	₹2.00 L	₹1.87 L	—	—	₹7 K	—	₹1.10 L	—	₹3.04 L	–₹1.04 L
Feb 2024	FY23-24	₹3.75 L	₹2.22 L	—	₹11 K	₹6 K	—	—	₹29 K	₹2.68 L	+₹1.07 L
Mar 2024	FY23-24	₹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 2024	FY24-25	₹3.9 L	₹1.17 L	₹1.72 L	₹11 K	₹8 K	—	—	—	₹3.08 L	+₹82 K
Sep 2024	FY24-25	₹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 2024	FY24-25	₹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 2025	FY24-25	₹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 2025	FY24-25	₹3.5 L	₹1.82 L	₹1.00 L	—	₹10 K	—	—	₹8 K	₹3.00 L	+₹50 K
FY 24-25 TOTAL	Full 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 L	Cash + Google + Airbnb ₹18K	₹1.90 L	—	₹45 K	₹10 K	—	—	—	₹2.45 L	+₹30 K
May 2025 ⚠	₹1.30 L	Paytm ₹1L + Airbnb ₹26K	₹1.95 L	₹3.20 L	₹25 K	small	—	—	—	₹5.45 L	–₹4.15 L
Jun 2025 🚀	₹3.00 L	Airbnb ₹1.5L + SOW Fresh ₹1.5L	₹1.80 L	—	₹12 K	small	—	—	—	₹1.92 L	+₹1.08 L
Jul 2025 ⚠	₹1.75 L	Airbnb + MMT	₹1.60 L	₹1.20 L	—	—	—	₹36 K	—	₹3.16 L	–₹1.41 L
Aug 2025 ⚠	₹2.00 L	Razorpay ₹61K + Airbnb + MMT	₹2.00 L	₹1.50 L	₹15 K	—	—	—	—	₹3.65 L	–₹1.65 L
Sep 2025 ⚠	₹1.10 L	Airbnb ₹70K + Paytm ₹17K	₹1.40 L	—	₹15 K	—	₹60 K	—	—	₹2.15 L	–₹1.05 L
Oct 2025 ⚠	₹2.00 L	Airbnb ₹1L + cash inflows	₹2.60 L	—	₹10 K	—	₹40 K	—	—	₹3.10 L	–₹1.10 L
Nov 2025 ⚠	₹1.20 L	Airbnb ₹50K + Wedding ₹59K	₹1.60 L	—	₹ ? K	Facebook	—	—	—	₹2.00 L	–₹80 K
Dec 2025	₹2.00 L	SOW Fresh ₹1.5L + Airbnb + MMT ₹50K	₹1.40 L	₹50 K	₹10 K	—	—	—	—	₹2.00 L	₹0
Jan 2026 ⚠	₹2.50 L	Mixed inflows	₹1.40 L	₹2.00 L	—	—	—	—	₹84 K	₹4.24 L	–₹1.74 L
Feb 2026	₹1.50 L	Mixed	₹0.95 L	—	₹15 K	—	—	—	—	₹1.10 L	+₹40 K
Mar 2026 ✅	₹1.70 L	Mixed	₹0.70 L	—	—	₹1 K	—	—	—	₹0.71 L	+₹99 K
FY 25-26 TOTAL	₹22.85 L	Bank-visible only	₹19.40 L	₹17.20 L	₹1.37 L	small	₹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.