wordpress blog stats
Connect with us

Hi, what are you looking for?

SAIF Partners and Matrix Partners invest $6 million in Treebo

Treebo

SAIF Partners and Matrix Venture Partners have invested $6 million in tech-enabled budget hotel chain Treebo. The company was founded earlier this year by former Myntra executives Sidharth Gupta and Rahul Chaudhary, along with Kadam Jeet Jain.

Treebo is currently active only in Bangalore and claims an inventory of  over 200 rooms so far in St. Marks Road, Koramangala and M.G. Road. As indicated by this Times of India report, they plan to scale up to to 5,000 rooms across 20 cities, Currently rooms at Treebo start at Rs 1,099 and offers customers the usual fare of free WiFi, clean rooms and bedding, air conditioning, television and breakfast.

Competition

Treebo enters a crowded place in the budget hotels space and it remains to be seen how it will differentiate itself from the current crop of players who are already operating in the same space.

– In March, Branded budget hotel rooms marketplace OYO Rooms secured $20 million in a funding round led by Greenoaks Capital and other existing investors.

– Interestingly Matrix Partners also participated in a $20 million series B round of funding for Stayzilla. Operated by Inasra Technologies Private Limited, Stayzilla is a hotel booking portal which allows users to search and book hotels across Indian cities with a specific focus on tier 2 and tier 3 cities in the country. The site also offers options to filter results based on budget, amenities, ratings, cuisine and other variables.

– In May, Zostel, a chain of backpacker hostels for young travellers, has raised Rs 5 crore in a first round of funding from Malaysia-based angel investor Presha Paragash.

– Treebo also has to contend with reverse bidding sites such as Findmystay and 90bids.com where travellers quote prices they are willing to pay and the website offers them hotels with closest fares.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...

News

The Securities and Exchange Board of India (SEBI) will now allow investors to make UPI payments to purchase public issues of debt securities, it...

News

US-based Kora Investments has pumped $52 million into Zomato, with a larger amount follow-up amount expected in the coming months, Mint reported. The big...

News

Razorpay has raised US$100 million in Series D funding from existing investors and Singaporean sovereign fund GIC. The company announced the investment in a...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ