Treebo Group of Hotels, a Bengaluru, India-based technology-enabled chain of budget hotels, raised Rs 112 Crore in Series B funding.
The round was led by Bertelsmann India Investments (BII), the strategic investment vehicle of international media company Bertelsmann, with participation from existing investors SAIF Partners and Matrix Partners India.
The company, which has raised Rs 150 Crore to date, plans to use the funds to expand its presence to more than 60 cities, quadruple its current inventory from 3,000+ to 12,000+ keys across 450 properties, over the next 12 months, continue to develop its technology, as well as to launch new brand extensions along the way, including a mid-scale brand and a leisure brand.
Founded in 2015 by Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet Jain, Treebo operates a network of 125 budget hotels in in 25 cities across India.
The company’s partnering hotels offer guaranteed-quality accommodation to travelers in the Rs 1,000-3,000 price range. Its properties come with essential amenities including clean linen, free wi-fi, complimentary breakfast, branded toiletries, and complimentary beverages, among others.
Recently, the company launched an app, Bumblebee, to allow hotels manage their day-to-day operations, as well as a crowdsourced mystery audit program called “Friends of Treebo” wherein registered members of the community stay at Treebo properties as its unannounced representatives, and give feedback to the company on their experience to enable corrective actions where required.