Treebo Hotels raises Rs 220 crore
Treebo Hotels has raised Rs 220 crore in new investment led by Hong Kong-based hedge funds Ward Ferry Management and Karst Peak Capital. Existing investors, venture funds SAIF Partners, Matrix Partners, and Bertelsmann India also participated in the latest financing round.
Ward Ferry, is also an investor in MakeMyTrip and China’s Huazhu Hotels group, a hotel management company. The two-year old Bengaluru-based startup Treebo operates through 300 franchisees across more than 50 cities where these properties are standardised for quality and run under its brand.
Treebo said it will invest the fresh funds to better its customer experience, build its brand, strengthen its technology team, and expand its footprint in existing and new cities.
So far, it has raised $57 million in total capital after having started operations in 2015. Siddhartha Gupta, co-founder & CEO, Treebo Hotels, said the startup was being seen as a hotel aggregator in its early days which has started to change.