Bootstrapped alternative accommodation brand scales through demand-led expansion, repeat customers, and operational discipline.

April , 2026: EkoStay reported ₹40 crore in revenue for FY 2025–26, reflecting 43% year-on-year growth, while remaining EBITDA-positive with margins of around 10%.

Scale beyond revenue

Beyond revenue, the business has expanded to over 150 professionally managed villas across 12+ leisure destinations, with an average occupancy of 56% and a growing base of repeat customers. The company is targeting ₹52+ crore in revenue in FY27, with plans to scale 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.

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

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.

What ₹40 crore represents

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.