Mumbai, April 23: At a time when growth in hospitality startups is often equated with capital raised, EkoStay is charting a fundamentally different trajectory, one anchored in profitability, operational discipline, and consistent guest demand.
The Mumbai-based alternative accommodation brand has reported ₹40 crore in revenue for FY 2025–26, marking a 43% year-on-year growth, while continuing to remain EBITDA-positive with ~10% margins.
But beyond revenue, the scale of the business tells a deeper story.
From its inception in 2018, EkoStay has grown into a network of 150+ professionally managed villas across 12+ leisure destinations, translating into hundreds of operational rooms and guest units serving travellers across India’s most in-demand holiday markets. The brand currently operates at an average occupancy of 56%, with a strong and growing base of repeat customers.
Looking ahead, the company is targeting ₹52+ crore in revenue in FY27, alongside a 30%+ growth trajectory and plans to scale its footprint to 220+ properties nationwide.
A Bootstrapped Model That Prioritised Fundamentals Over Funding
Founded by Husain Khatumdi, Sohail Mirchandani, Varun Arora, and Zishan Khan, EkoStay has been built without raising external capital, relying instead on internal accruals, measured expansion, and sharp operational control.
“Being bootstrapped meant every decision had to be efficient and accountable. That discipline is what continues to define how we scale today,” said Varun Arora, CEO & Co-Founder, EkoStay.
This approach has enabled the company to grow sustainably, while maintaining profitability in a segment often characterised by high burn and fragmented supply.
Repeat Behaviour, Not Discounts, Driving Growth
A defining lever of EkoStay’s growth has been repeat bookings and organic referrals, significantly reducing dependence on paid acquisition channels.
“Consistency in guest experience has been critical in building trust. A large part of our growth today comes from guests who choose to stay with us again or recommend us within their network,” added Sohail Mirchandani, COO & Co-Founder.
This repeat-driven model has allowed the brand to strengthen unit economics while scaling demand in a capital-efficient manner.
Scaling Supply Where Demand Already Exists
EkoStay’s expansion strategy has remained sharply demand-led, focusing on high-traction leisure micro-markets rather than aggressive, undifferentiated inventory addition.
The brand has seen particularly strong growth across South India, including the Nilgiris region, where demand for private villa stays continues to rise alongside evolving travel preferences.
“Our focus has always been on identifying destinations where demand is structurally strong and aligning our supply accordingly,” said Zishan Khan, Chief Acquisition Officer & Co-Founder.
A Standardised Yet Personalised Hospitality Model
Operating at the intersection of hospitality and vacation rentals, EkoStay combines the reliability of branded hospitality with the privacy and comfort of homestays.
Its model also enables homeowners to unlock value from their properties through professional management, without the operational complexities of hosting, creating a parallel supply pipeline that supports scalable growth.
What ₹40 Crore Represents
For EkoStay, this milestone is not just about topline growth.
It reflects a business built with zero external funding, zero dilution, and no reliance on debt, driven entirely by customer demand and internal reinvestment.
“₹40 crore is not just a revenue milestone, it validates a model that has been built sustainably, with long-term value creation at its core,” said Husain Khatumdi, Managing Director & Co-Founder.
Positioned for the Next Phase of Category Growth
India’s alternative accommodation segment is witnessing a structural shift, driven by rising domestic travel and increasing preference for private, curated, and experience-led stays.
With a strong foundation of profitability, repeat demand, and a growing supply base, EkoStay is well-positioned to capitalise on this momentum.
As the company scales towards 220+ properties and ₹52+ crore in revenue, its focus remains clear: disciplined growth, stronger operations, and delivering consistently high-quality guest experiences at scale.
