India-based hotel accommodation booking platform Treebo Hotel has entered talks with Bertelsmann India Investments, the corporate venturing subsidiary of Germany-headquartered media group Bertelsmann to invest in its next funding round, DealStreetAsia reported yesterday.
The company will look to raise between $20m and $25m in the round, which will also include existing backers SAIF Partners and Matrix Partners, a person aware of the development told DealStreetAsia.
Treebo operates an online budget hotel booking service that partners small hotels and rebrands them as Treebo Hotels. It takes the entire room inventory of the hotel, as opposed to rival Oyo Rooms, which has so far generally worked with part of the building.
“The negotiations are at an advanced stage and are expected to be closed by early next month,” one of the sources said. Initial reports in April this year stated Treebo was targeting $40m for the round.
The round will follow the $6m of funding supplied to Treebo by SAIF Partners and Matrix Partners in June 2015.