Oravel Stays, an online short-stay accommodation listing venture has raised seed investment from VentureNursery, an angel-backed start-up accelerator.
The funds raised will be used to expand team, technology and network.
The promoters of seven-month-old VentureNursery, Shravan Shroff - founder of Fame Cinemas, and Ravi Kiran, former CEO - South East & South Asia - Starcom MediaVest Group, participated in the investment round along with a group of eight angels.
The angels include Anand Ladsariya, MD of Everest Flavours, Amit Patni, co-founder and chairman of Nirvana Venture Advisors and Bharat Banka, CEO of Aditya Birla Private Equity. Amit Patni and Bharat Banka invested in their personal capacity, according to ET.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.