Budget hotel chain Treebo Hotels on Wednesday said it has raised $34 million (about Rs 217 crore) in a Series C round of funding led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital. Existing investors also participated in the recent round of funding, the company said in a statement.
The company had earlier raised $23 million over two rounds from SAIF Partners, Matrix Partners India, and Bertelsmann India Investments.
Commenting on the funding, Treebo Hotels co-founder Sidharth Gupta said: "Ward Ferry and Karst Peak are both seasoned investors in the global markets including in the travel and hospitality space."
Treebo Hotels currently has close to 300 franchises across more than 50 cities, which makes it one of the country's largest hotel chains. It offers standardised rooms at what appear to be very reasonable rates. Its app listing on the Google play store reads: "Treebo Promises – Free high speed WiFi, Free Breakfast, Branded Toiletries, AC, TV, Clean & Fresh Bathrooms, Spotless Linen. 100% Money Back Guarantee" and has a 4.2/5 rating from almost a thousand reviews.
Bangalore-based Treebo's founders all hail from IIT Roorkee. Two of them have also graduated from IIMs and worked at global management consultancy McKinsey and Company. Their page on the Treebo website states that the company derives its name from "Bo Tree", the fig tree under which Gautam Buddha attained enlightenment.
(With PTI inputs)