Treebo hotels, India’s technology enabled hotel chain raised $34M from Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital with existing investors SAIF Partners, Matrix Partners India and Bertelsmann India Investments in its series C funding. Prior to this round, the company had raised a total of $23M over two rounds from SAIF Partners, Matrix Partners India, and Bertelsmann India Investments.
“Ward Ferry and Karst Peak are both seasoned investors in the global markets including in the travel and hospitality space. Between them they have invested in hotel chains, cruise ships, OTAs, F&B chains, duty free shops, and several other sub-segments within the space. We are glad that our approach of building a sustainable, long-term business resonated with them. We feel privileged to have them onboard and look forward to leveraging their experience in driving business growth.” — said Sidharth Gupta, co-founder, Treebo Hotels.
“We pioneered the technology-enabled franchise-based model in the budget hospitality segment in India. We have several breakthrough initiatives in the offing to further enhance the experience we offer to our guests, and the value we create for our franchise partners. This new capital will allow us to invest in these endeavours. We are thrilled to receive continued support from new and existing investors.” — told Rahul Chaudhary, co-founder, Treebo Hotels
Treebo will use newly raised fund into enhancing user experience, building a strong technology team and expanding to the new cities where treebo is not present.
Founded in June 2015, Treebo Hotels is India’s 3rd largest hotel chain overall and largest in the budget segment. It is the brainchild of ex-McKinsey and Myntra executives Sidharth Gupta and Rahul Chaudhary, and ex-VP of engineering at MyGola Kadam Jeet Jain. Treebo Hotels offers a quality accommodation alternative to India’s $20 billion unorganized and fragmented budget segment. Treebo works on a full inventory model with carefully selected, existing, stand-alone hotels and prescribes the quality standards to which hotel operators need to adhere, and helps them achieve those standards through staff training, bulk contracts with vendors, and technology implementation. Treebo is the largest network of branded budget hotels with more than 6,000 rooms across ~300 properties in over 50 major cities in the country. It offers its guests value-for-money by providing branded toiletries, complimentary breakfast and free Wi-Fi.
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