Treebo Hotels, a Bangalore, India-based budget hotel network, closed a $34m Series C funding round.
The round, which bring total funding to $57m, was led by new investors Ward Ferry Management and Karst Peak Capital, with participation from existing investors SAIF Partners, Matrix Partners India and Bertelsmann India Investments.
The company will use the funds to continue to expand operations and increase its development, marketing and sales efforts.
Co-founded in 2015 by Sidharth Gupta, Kadam Jeet Jain, Rahul Chaudhary, Treebo Hotels operates a network of budget hotels which offer a base standard comprised of clean linen, bedding, free WiFi for a price range of roughly $15/$50 per night. A mobile app enables guest to get access to a virtual concierge service assisting in check-in, orders, and other needs.
The company says it currently offers nearly 300 hotels in more than 50 cities nationwide. Treebo employs over 300 people.