How an Ex-School Teacher Turned His Family Villa into a Rs 110 Crore Business

Amit Damani, an ex-school teacher under the Teach India fellowship (2010-2012), has built a successful business in Mumbai, Stay Vista, which recently crossed a turnover of Rs 110 crore.

Co-founded with Ankita Sheth and Pranav Maheshwari in 2015, the journey that started from a single family villa, Stay Vista now offers a portfolio of 500+ luxury villas in 50+ locations across India, with remarkable growth year on year.

Amit Damani started Stay Vista from a single family villa in 2015 along with co founders Ankita Sheth and Pranav Maheshwari (Photos: Special Arrangement)

Vista Rooms, as it was initially named, began by partnering with smaller hotels and homes for rentals. However, in 2017, Amit transformed Vista Rooms into Stay Vista with a focus on luxury villas.

The spark for this concept came right from his own family villa in Lonavala, a short drive of 83 km from Mumbai.

“My grandma got married and came to Mumbai from Varanasi. She lived in big homes, which had even bigger and open lawns before getting married,” says Amit, 35, sharing the story of Stay Vista.


“On the contrary, it is a rare sight in Mumbai. So my grandfather made a villa for her in the beautiful hilly town of Lonavala. I remember visiting this place frequently with them. But later all of us grew up, got busy with our work, and hardly visited this place twice a year.” 

When the idea of renting out villas came to him, Amit decided to speak to his grandmother. “I told her that the property would continue to be with her, but it will be maintained well and she will earn as well. She agreed and the first Stay Vista villa came on board in 2017," he explains.

As the idea flourished, his relatives, friends, and acquaintances registered their properties with Stay Vista under a management contract, creating a successful network of villas.

Stay Vista differs from other property platforms as they manage, market, and maintain the properties, Amit says. “The properties are owned by someone; we have a management contract with them and we look after the day-to-day operations of the place."

Amit with co-founders Ankita Sheth and Pranav Maheshwari

They assure property owners that their places are under a comprehensive insurance program, freeing them from concerns about maintenance, safety, and upkeep.

Starting with 50 properties in the first year, the number increased to 100 in the second, 300 in the third, and now it boasts over 550 properties. Simultaneously, the company’s revenue also grew impressively from Rs 5 crore in 2018, to Rs 40 crore in 2020, and has now crossed Rs 110 crore.

Stay Vista, currently offers two types of villas – one with 6-8 room capacity with 4-star hotel facilities and the second with 12-15 rooms with 5-star facilities.

The smallest property listed on Stay Vista is a one-room cottage in Ooty and Mukteshwar, while the largest villa is a 13-room cottage in Alibagh, near Mumbai.

Some of their villas can transport vacationers to a very different era. They have Khohar Haveli on the outskirts of Delhi which was built in 1800 and Normandi house that was built by a French man in 1700 in Dehradun. They also have villas amid the tea estates and coffee plantations.

Before launching Stay Vista, Amit worked as an Associate Consultant at Dalberg Global Development Advisors from 2012 to 2014.

Based in Mumbai, he had collaborated with Chinese and German government ministries and the World Bank on various socio-economic projects. His role took him on travels across Asia, giving him a global work perspective.

Amit with some members of the 300-strong Stay Vista workforce

Prior to this, after completing his degree in Economics & International Studies from Northwestern University in the US in 2010, Amit decided to gain hands-on experience with impact organisations.

Thus, he joined the Teach India fellowship. From 2010 to 2012, Amit committed himself full-time to teaching children in a government school.

His teaching journey led him to Dharavi in Mumbai, often referred to as India's largest slum. Recalling his experience, he recounts, “I was the class teacher of a class which had 35 students, and taught them all the subjects.”

Teach India is an NGO that is funded by philanthropic organisations that tie-up with government schools and low-income private schools that have a monthly fee of around Rs. 500.

Amit acknowledges some challenges during his entrepreneurial journey, “I will say we took time to understand that finance management is very-very crucial. We thought raising funds back to back would be easier, and with this mindset, we burnt a lot of money that we should not have done." He considers it a significant learning experience.

Despite Covid's business interruption, Amit looks at the bright side. "Post Covid we saw a crazy demand as people wanted a safe getaway and were ready to spend.

“They preferred a 3-5 hours’ drive that could include workation as well. From here we witnessed the growth of Stay Vista. Business was high and we were able to repay the salaries,” says a happy Amit.

Amit says Stay Vista has a dedicated team to focus on property aesthetics and maintenance

The business model of Stay Vista involves a 30% revenue share on every booking, while the property owner gets 70%.

Recently, Stay Vista launched 'Stay Vista Design Services' for property aesthetics and comfortable stays. "We have experts who check the property on around 300 parameters, and replace anything that needs an update or replacement, be it crockery, artwork, linen, or décor," Amit adds.

The success of Stay Vista can be attributed to the shared vision of Amit, Ankita, and Pranay. Ankita manages the supply and partnerships, while Pranay handles demand, sales, and guest relations. Amit's expertise lies in marketing strategy, driving the company's success story.

From 2015 to now, the company has raised Rs. 60 crore in funding. Stay Vista has an on-roll staff of 300 that looks after the partnership deals, getting the interiors ready, on boarding, getting the photo shoot done and making it live on the website, villa acquisition, marketing, tech team, finance & HR.

Apart from this, they have another 1800 staff on-site. And another 3000 people like cooks, drivers, plumbers, electricians, and housekeeping staff are associated with the company on a task-to-task basis.

Stay Vista boasts an impressive clientele featuring celebrities like cricketer MS Dhoni, filmmaker Farah Khan, and partnerships with prominent brands like Mahindra Holidays, and Marriott Bonvoy. "To be associated with such big names gives a lot of credibility to your brand," says Amit.

Amit's father has been dabbling in the share market for nearly 35-40 years, and his mother has devoted her life to nurturing their home. He has an elder brother, four years his senior, who operates a FinTech start-up.

A Stay Vista property in Lonavala

Amit is married to Yamini and the couple recently welcomed their baby girl Misha into the world. The Damani family, spanning three generations from his grandmother to Amit's own, all share a home together in Mumbai.

Despite his business success, Amit values his humble beginnings. From teaching underprivileged children through Teach India to consulting with Dalberg Global Development Advisors on socio-economic development projects, these experiences shaped Amit's worldview and entrepreneurial journey.

Speaking of the journey, he advises aspiring entrepreneurs, "Don’t get glamorised by the words start-up and investors. It’s more lonely than glamorous. Persevere and focus on your business." Amit, a teacher-turned-entrepreneur, has indeed made a mark on India's hospitality sector through Stay Vista. - - ©TWL