India-based budget accommodation provider FabHotels has secured $8m in series A funding from investors including Qualcomm Ventures, mobile chipmaker Qualcomm’s corporate venturing unit, LiveMint reported on Tuesday.
Accel Partners and venture capital firm Aarin Capital also participated in the round, as did boutique VC fund RB Investments. It came after a $2.25m seed round in July 2015 backed by Qualcomm Ventures and Accel Partners.
Founded in 2014, FabHotels partners with budget hotels to provide a standardised service that can be advertised through its online platform. It will use the funding to further build its brand and its network of budget hotels.