Treebo Hotels raises USD 34 mn from investment firms

Budget hotel chain Treebo Hotels today said it has raised USD 34 million (about Rs 217 crore) in series C funding led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital.
Existing investors also participated in the recent round of funding, the company said in a statement.
The company had earlier raised USD 23 million over two rounds from SAIF Partners, Matrix Partners India, and Bertelsmann India Investments.
Commenting on the funding, Treebo Hotels co-founder Sidharth Gupta said: "Ward Ferry and Karst Peak are both seasoned investors in the global markets including in the travel and hospitality space."

Treebo Hotels currently has close to 300 franchisees across more than 50 cities.