Budget hotel chain, Treebo Hotels on Tuesday said that it has raised ₹10 crore from a group of angel investors including founder and CEO of Paytm, Vijay Shekhar Sharma; co-founder and CEO of Rebel Foods, Jaydeep Barman; Managing Director of Mozambique Holdings, Deepak Parayanken.
This investment comes just a week after the startup had raised investment worth ₹45 crore from existing investors.
“The belief demonstrated by these investors – all seasoned business professionals themselves – in Treebo despite the current challenging times is precious for us. 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,” said Sidharth Gupta, co-founder, Treebo, commenting about the investment.
Other notable angel investors, who participated as a part of this round include – Shantanu Deshpande, co-founder and CEO of Bombay Shaving Company; Siddharth Velakacharla, partner at Indus Capital Partners, Gautam Gurnani, vice president, investments at Dubai Holding, along with several senior executives from McKinsey, Amazon and Microsoft.
“As investors in the hospitality and real estate space ourselves, we understand the role, technology and a good brand play in the success of any hospitality business. Treebo has developed strong capabilities in both these areas. That’s what attracted us towards the company,” said Deepak Parayanken, deputy managing director of Mozambique Holdings, who led this angel round.
In a bid to diversify its revenue streams, Treebo, in August, this year, announced the launch of its software-as-a-service (SaaS) business called Hotel.
Superhero under which it offers an integrated, cloud-based hotel management software to independent hotels and chains.
At present, Treebo has a portfolio of more than 600 hotels across 100 cities in the country.
