India-based budget hotel room operator Treebo Hotels has raised $34m in a series C round that included Bertelsmann Asia Investments, the regional investment arm of media conglomerate Bertelsmann, the Hindu Business Line wrote yesterday.
The round was co-led by Ward Ferry Management and Karst Peak Capital, while Saif Partners and Matrix Partners India also contributed cash.
Founded in 2015, Treebo partners small budget hotels and rebrands them as Treebo Hotels. The model is different from that of rivals such as Oyo Rooms, which only takes over a few rooms in established hotels.
The money will go towards enhanced customer experience, strengthening the company brand, hiring technology staff and expanding both in existing and new locations.
Bertelsmann Asia Investments previously led a $16.6m series B round in July 2016 with participation from Saif Partners and Matrix Partners India. The latter two investors had already injected $6m in series A funding in 2015.