Treebo Hotels, a Bangalore-based online budget hotel aggregator has raised $34 million in its Series C funding round led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital. Existing investors, SAIF Partners, Matrix Partners India, and Bertelsmann India Investments also participated in this round.
Treebo in a statement said that it will invest raised capital into enhancing customer experience, building a stronger brand, strengthening its technology team, and expanding its footprint in existing and new cities.
Founded in 2015 by ex-Myntra/ McKinsey/ MakeMyTrip executives, Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet Jain, Treebo Hotels is a technology-enabled budget hotel brand with close to 300 franchisees operating exclusively under its brand across more than 50 cities.
Treebo works with new and existing hotels on a franchise model where Treebo offers its brand name, quality oversight, access to leading vendors, staff training, and sales and marketing expertise to the property, thereby enabling higher revenues for the franchise partner and a superior experience for the customers.
Rahul Chaudhary, co-founder, Treebo Hotels said, “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.”
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.