The seeds of StayVista, India's leading luxury villa rental company, were sown during childhood family holidays where large groups of relatives would gather in rented homes, creating memories that lasted long after the vacations ended. For co-founder and CEO Amit Damani, these experiences formed the foundation of what would become a thriving business catering to India's growing appetite for group travel and private accommodations.
From Joint Family Roots to Luxury Villa Empire
Damani, 37, vividly recalls his grandmother's 80th birthday celebration in a rented villa in Lonavala near Pune, where the entire extended family stayed up past midnight listening to stories. "Those kind of gatherings don't happen at home because if you're at home, everyone has to leave by a certain time," Damani explains. "But on holiday there's no restriction on what time you have to be up till, what time you want to go to sleep."
Growing up in a large joint Marwari family in Mumbai until age 15, Damani experienced a fluid living arrangement with up to six children sharing a room. Everything was common and shared, and he never went on holiday with just his parents—it was always in a group. This upbringing, he admits, planted the subconscious idea for StayVista.
The Journey from Consulting to Hospitality
Damani's educational journey took him from Bombay International and Cathedral and John Connon schools to Northwestern University in Chicago, where he studied economics and international relations. His career path included an internship at Goldman Sachs during the 2008 financial crisis, which made him realize financial services wasn't his calling.
He then joined Teach for India in 2010, teaching class III and IV children in a municipal school in Dharavi for two years. "Managing those 35 students is as hard as managing an organization of 350 team members because you have to motivate each of those students," he reflects.
After teaching, Damani worked at consulting firm Dalberg Global Development Advisors before the idea for StayVista began simmering. In 2014, through a neighbor's introduction, he met his future co-founders Ankita Sheth and Pranav Maheshwari. "We didn't know each other; so I told everyone it was an arranged marriage," Damani says with a grin.
Building StayVista: Challenges and Opportunities
The trio initially worked in the budget hotel segment but pivoted to holiday homes, recognizing the unique needs of Indian travelers. All three founders had grown up in joint families and understood that Indians love travelling in groups, where homes are more conducive than hotel rooms for space and privacy.
They identified a significant gap in the market: families would "literally pack half your house" when traveling, carrying everything from spices and cutlery to linen because they didn't know what to expect. While Airbnb was scaling up in India during 2017-18, there were few professional companies managing people's second homes.
Damani's own family had a home in Lonavala for about three decades that was used only a few times yearly. "Every time you go there, you only end up trying to fix the home because your taps are not running, the lights don't work," he recalls. This family home became part of StayVista's initial inventory.
Growth Trajectory and Market Expansion
StayVista has grown to an impressive inventory of about 1,200 properties across over 150 destinations in India, with expectations to hit ₹240 crore revenue in FY26 and a profit of close to ₹10 crore. Their properties span three categories:
- Luxury segment: ₹12,000+ per night per room
- Premium segment: ₹7,000-10,000
- Budget segment: ₹4,000-6,000
Maharashtra remains their largest market, while presence in the North-East, pilgrimage sites, and wildlife destinations remains limited due to supply constraints. The company plans to expand in these areas while adding glamping and cottage options.
The Indian branded rental villa market was valued at $329.6 million in 2023 and is expected to reach $1,377 million by 2028, according to Axon Developer. The broader Indian vacation market is valued at $22.3 billion, projected to reach $34.1 billion by 2029, with the holiday segment expanding fastest at 13.5% CAGR.
Pandemic Challenges and Post-COVID Boom
The COVID-19 pandemic initially brought cancellations and zero bookings, but StayVista had just closed a ₹10-crore funding round from DSG Consumer Partners that helped them weather the storm. Co-founder Ankita Sheth describes Damani as "a thinker with vision who is good at decisions and can clearly articulate his reasons for doing something."
When travel restrictions eased, the company experienced a significant boom as travelers preferred private villas over hotels with common areas. "Prior to covid, if we did X amount of business, post was 50% higher and today, it's about 30% higher," Damani reveals.
The company secured Series B funding of ₹40 crore in 2022, when it rebranded as StayVista, followed by another ₹40 crore this year from JSW Ventures.
Understanding the Indian Traveler
Damani has developed unique insights into Indian travel patterns, noting "the hunger Indians have to travel. It's no longer about doing a summer holiday or a Diwali holiday. It's like I want to take a quarterly check on holidays."
He observes more short-duration trips among big groups celebrating birthdays, anniversaries, school reunions, and bachelor parties. Groups prefer destinations within a short drive or direct flight from major cities, inevitably choosing villas with sufficient rooms.
With a team of about 400 people focused primarily on acquiring properties, StayVista employees often perform multiple roles, including business development, sales, and even check-ins when needed. Co-founder Pranav Maheshwari notes that "Amit has a sense of breaking down problems into smaller, logical parts. I have never seen him lose his temper. He is patient, but can be assertive too."
Daily Challenges and Future Vision
A decade into the business, Damani still finds joy in exploring unique properties across India while managing daily operational challenges. Ensuring standard operating procedures are followed across every property remains crucial, and dealing with homeowner biases toward their properties can be difficult.
He recalls an incident where a property had a multi-purpose kettle for heating water and making Maggi, but a guest insisted on a stove to heat milk. "This is a small thing, but it doesn't matter what you want to offer. If a guest wants something, you've got to figure it out," Damani emphasizes.
As StayVista continues to grow, Damani's childhood experiences of joint family holidays continue to shape his vision—creating spaces where modern Indian families can create their own lasting memories, just as he did decades ago in that Lonavala villa during his grandmother's birthday celebration.
