wordpress blog stats
Connect with us

Hi, what are you looking for?

Online hotel aggregator FabHotels secures Series B of $25M

FabHotels, a Gurgaon-based online budget hotel aggregator has secured Series B funding of $25 million from Goldman Sachs, reports Livemint. Accel Partners, an existing investor, also participated in the round. With the fresh funding, the company is looking to double the number of hotel rooms on its platforms, and strengthen its presence in select cities, the report added. Started in 2014, FabHotels is an online aggregator for hotel rooms, which aims to provide standardized services at economical budgets. To do so, it partners with hotel owners and takes over full inventory. FabHotels claims to offer a better experience than other hotel aggregators by entering into franchise agreements with hotel owners. It charges a franchisee fee of around 20% of the monthly revenue. Rooms booked through FabHotels cost about Rs 1,800 to 2,000 per night on an average. The company claims to be earning revenues worth $1 million a month and has an occupancy rate of 83%. Having raised a total funding of $35 million, including its the recent funding, FabHotels works with about 225 hotels across 20 cities. It is worth noting that the hotel aggregation space is currently unregulated in India, and the Indian government is currently in the initial stages of working on guidelines for accommodation aggregators, which can have a huge impact on Fabhotels and other players in the similar segment.  Previous funding In February 2016, it raised $8 million (Rs 54 crore) from Accel Partners, RB Investments Mohandas Pai’s Aarin Capital and Qualcomm Ventures in a Series…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Foreign fintech entities like Google Pay and PhonePe are dominating the UPI market and CCI has been urged to regulate this in the past.

News

During a recent discussion organized by the Council for Strategic and Defence Research, Berges Malu, the senior director of public policy and communications at...

Drones Drones

News

Once the system receives the required validation, five more such MDVs will be introduced into the Commissionerate Police fleet

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

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

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ