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Budget hotel chain Treebo Hotels has raised ₹220 crore ($34 million) in a Series C funding round led by Hong Kong-based investment firm Ward Ferry Management and Karst Peak Capital. Existing investors SAIF Partners, Matrix Partners India and Bertelsmann India Investments also participated in the round.
Sidharth Gupta, co-founder, Treebo, said Ward Ferry and Karst Peak were seasoned investors in the global markets, including in the travel and hospitality space and Treebo looked forward to using their experience to drive growth.
Prior to the round, the company had raised a total of $23 million over two rounds from SAIF Partners, Matrix Partners India and Bertelsmann India Investments.
Treebo will invest the fresh funds into enhancing customer experience, building a stronger brand, strengthening its technology team, and expanding its footprint in existing and new cities. The company is looking to achieve EBIDTA profitability in the next 24 months. It recently appointed former Amazon.com executive Pradeep Sriram as Head of Finance.
It was founded in 2015 by Gupta, Rahul Chaudhary and Kadam Jeet Jain.
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