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One of the budget hotel chains Treebo has raised $34 Mn (approx INR 220 Cr) in its Series C funding round. The investment was led by Ward Ferry Management (Hong Kong-based investment firm) and Karst Peak Capital. Some of the existing investors SAIF Partners, Matrix Partners India and Bertelsmann India also took part in the round.
The company is looking to build a brand and expand its operations with the funds raised. Treebo offers rooms starting with the price money of INR 1200-1500 per night along with complimentary breakfast and free WiFI. The company has expanded close to 300 franchisees with over 6000 rooms.
Speaking on the development cofounder Sidharth Gupta said, “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.”