Budget hotel chain Treebo Hotels raises USD 34M for Series C
Founders: Sidharth Gupta, Rahul Chaudhary and Kadam Jeet Jain
Founded in: 2015
Financing status: USD 34 million for Series C round in 2017
Bangalore-based budget hotel chain Treebo Hotels has raised USD 34 million for Series C funding round led by two Hong Kong investment firms, Ward Ferry Management and Karst Peak Capital. Existing investors SAIF Partners, Matrix Partners India and Bertelsmann India Investments also participated in the round.
Treebo Hotels was founded in 2015 by Indian Institute of Technology (IIT), Roorkee alumni Sidharth Gupta, Rahul Chaudhary and Kadam Jeet Jain. Both Gupta and Chaudhary previously served as vice presidents of Myntra, an Indian online fashion marketplace acquired by Flipkart in 2014. Before that, they were with McKinsey & Company. Jain was an associate director at MakeMyTrip.com, India’s leading online travel platform.
Treebo Hotels is a budget hotel chain. The startup claims to have more than 6000 rooms with its brand hotels in 52 cities in India. All essentials are included with the room such as an air conditioner, WiFi access, breakfast and so forth. The room price range is between INR 1000 (USD 15.7) to INR 6000 (USD 94.4). The startup claims to have partnerships with more than 100 travel agencies.
The startup will use the newly raised investment to enhance customer experience, build a stronger brand, strengthen its technology team and expand to more cities.
Other players in this area in India include OYO Rooms, FabHotels, RedDoorz and others.
(Top photo from Pixabay)