OYO rival Treebo raises ₹10 crore from Vijay Shekhar Sharma, Deepak Parayanken of Mozambique Holdings, and others
- As a part of the ongoing round, the startup has already raised ₹45 crore from its existing investors.
- The current funding round was led by Parayanken, whose family office owns five hotels in the US, operating under brands like Holiday Inn and Hyatt.
- Sidharth Gupta, Co-founder of Treebo had earlier said that while the pandemic had delayed their prospects of breaking even, the startup is still confident about moving towards profitability.
Hotel chain startup Treebo has raised ₹10 crore from Paytm founder
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As a part of the ongoing round, the startup has already raised ₹45 crore from its existing investors like Matrix Partners India, SAIF Partners, Ward Ferry, and Bertelsmann India Investments.
The current funding round was led by Parayanken, whose family office owns five hotels in the US, operating under brands like Holiday Inn and Hyatt.
AdvertisementTalking about the investment, Sidharth Gupta, Co-founder of Treebo said, “They are taking a bet on the long term prospects and the strong fundamentals of the business, which is hugely encouraging. We are excited about not just their capital but also the valuable advice and guidance they can offer.”
Gupta had earlier said that while the pandemic had delayed their prospects of breaking even, the startup is still confident about moving towards profitability. “Our EBITDA loss in February, for example, was under ₹10 lakh – an improvement of 95% on a year-on-year basis,” Gupta had said earlier.
Given that the hospitality industry is one of the worst-hit during the pandemic, the company is also investing heavily in technology. Its bigger rival OYO also has been investing in technology in new business areas.
The chain currently has over 600 hotels across 100 cities in India.
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