Neeraj Bhandoola acquires 100% Equity of The LuxePass App at an enterprise valuation of Rs. 3.96 crore

The LuxePass, a first-of-its-kind New Delhi-based lifestyle app founded by Mr. Yash Malik that provides non-resident guests the luxury to access hotel amenities at affordable rates, has recently been acquired by Mr. Neeraj Bhandoola, renowned Spatial Designer who has worked on noteworthy projects for IRCTC among other companies, the most prestigious being ‘The Maharaja’s Express’ as well as the ‘Maharaja Luxury Lounge’. As international travel has taken a big hit post the pandemic, Neeraj sees the acquisition of The LuxePass as a great opportunity to capitalise on the travel and hospitality industry as people are now looking for recreational options within their country or city.

Yash Malik

The LuxePass was founded in December 2018 by Mr. Yash Malik and established a presence in the Indian markets thereafter. Now, with Mr. Yash Malik’s departure, the app is poised to grow to more metropolitan cities, tier A and B cities as well as to tourist-centric parts of Asia and Europe with the new owner’s deep investor network. As Mr. Neeraj Bhandoola is deeply passionate about improving the quality of life for the average Indian, he firmly believes that expanding The LuxePass will broaden the mental horizon of the Indian population through a higher and affordable standard of living.

A time-friendly indulgence, The LuxePass provides amenities such as swimming pools, gym, spa and salon starting at INR 499 for a whole day of luxury and aims to change the image of hotels from aspirational, overnight experience hubs to accessible and affordable local recreational hubs. It also provides a platform for hotels to showcase and offer booking of their amenities to ‘day guests’ for a few hours to a whole day.

Mr. Yash Malik, Founder and CEO of The LuxePass says, “The sale of The LuxePass is all about increased focus, redirecting our resources and delivering faster growth, both nationally and internationally. This strategic acquisition by Mr. Neeraj Bhandoola demonstrates confidence in our product roadmap. He has a deep network in the Indian hospitality industry and will be able to greatly boost the supply side of the platform with several more hotel chain partnerships. The hospitality industry has faced a huge setback post the pandemic but is slowly seeing signs of recovery. Therefore, major hotels across the nation are keen to partner with us and offer recreational options such as pool, gym, spa and salon services to non-resident guests. I am certain that under Neeraj’s leadership, we would be able to grab the attention of all potential clients who have the paying propensity to enjoy luxuries provided by our partner establishments.”

Mr. Neeraj Bhandoola says, “When I first heard about The LuxePass, I immediately understood that the concept had infinite potential. Although I have had to divert from my core strength being Spatial Design, I strongly believe in thinking out of the box which was the prime reason for my inclination towards acquiring The LuxePass which has the first-mover advantage with no direct competition in India. The concept is truly brilliant; the possibility of having to visit a 4-star or a 5-star hotel and paying a never before price to avail a leisure service and rejuvenate in a luxury environment for a day is a marvellous idea, especially when you don’t need to pay for a room. Moreover, the idea of hotels making extra income from such services, few of which are only given complimentary to in-house guests, makes it a win-win situation for all stakeholders.”

After his successful stint in hospitality and travel technology with The LuxePass, Mr. Yash Malik is now working on other technology projects that address scalable solutions. His long term plan is to continue innovating and working on disruptive technology projects in different industries and geographies. On a personal level, Mr. Malik wishes to continue growing as a serial entrepreneur, leader, and motivator.



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