At the Connecting Ideas With Money session, that took place on the 29th of July, founder Arul Prakash
pitched MVP stage startup Buk.Technolgy – a delaware c-corp Blockchain/Travel startup. It is a tokenizing
platform for hotel room bookings that creates a transparent secondary market for the
hospitality industry by converting each room-night into a NFT and making it tradeable and transferable.
website: https://buk.technology
The problem the startup has set to solve is a lack of transparency in the hotel room inventory distribution
and poor price control, which leads to revenue and margin losses apart from poor guest experience.
“A typical family in the developed and developing markets takes two vacations a year,
spending around 900 USD per year towards hotel stays….and in an unforeseen
situation where the family needs to cancel, for personal emergencies, they end up paying up
to 25% of the booking value as a cancellation fee,” says Arul. “We at Buk technologies are building the web3
infrastructure to create a secondary market for a 300bn USD hospitality industry.”
A family could save on cancellation fees or even make a profit while the hotel
can still get a fully eligible reservation, improve distribution visibility, enforce price controls,
resulting in lesser margin leakages and create newer streams of revenue in the form of trading
royalties.
The startup chose this problem as the founders have expertise in building large scale
enterprise applications for multiple fortune 100 companies and have deep knowledge of hospitliaty
technology.
The startup launched in April of 2022 and is growing its team. The MVP will be launched at Taj Hotels,
Dubai in August 2022.
Founders:
Arul Prakash – https://www.linkedin.com/in/arulprakash/
Nikhil Kulkarni – https://www.linkedin.com/in/nkulkarni/
Kamal Krishna – https://www.linkedin.com/in/ksqr/
Founders Arul and Nikhil have known each other for 20 years as they were college batchmates, while Kamal is an acquaintance from
4 years ago.
