FabHotels could take on OYO with a new investment
Fabhotels Facebook page
- Indian hotel aggregator
FabHotelsis raising ₹540 million from Goldman Sachs, according to the filings sourced by paper.vc.
- FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO.
- The hotel chain falls in budget hotel range.
AdvertisementFabHotels, the Indian hospitality chain, is reportedly raising funds worth ₹540 million in a round led by Goldman Sachs, according to the filings sourced by paper.vc.
The hospitality chain which mainly works on a franchisee model, has its presence in over 40 Indian cities with more than 500 hotels. The service which falls under budget
"There appears to be a renewed interest in this sector and we believe that's a good thing. Oyo is over-capitalized for India and appears to be, for all practical purposes, focussed on China,” said paper.vc founder Vivek Durai.
FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO had come into being.
The funding comes at the right time as according to reports, FabHotels was looking to expand its reach and double its inventory to 20,000 rooms, by 2019.
The hotel chain last raised a funding of $25 million in Series B round led by Goldman Sachs, and also saw participation from its existing investors Accel Partners. There were also reports that Treebo Hotels and FabHotels were holding early talks regarding a merger.
OYO's $415 million acquisition of Amsterdam-based holiday home chain part of plan to become the world's largest hotel company
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