Matrix, SAIF back India-based hotel start-up

Treebo was founded in March by former Myntra executives Sidharth Gupta and Rahul Chaudhary, along with Kadam Jeet Jain, the former head of engineering at travel site MyGola. It operates a network of budget hotels, aiming to offer a greater level of organization and quality assurance than that typically seen in the space.

The company also partners with independent hotels to help them improve their quality of service and market themselves through its online platform.

While Treebo currently operates only in Bangalore, it plans to expand its network to 5,000 rooms across 20 cities by next year. The new funding will be used for this purpose, and also to improve the company's platform and hire new staff, according to a release.

India's online budget hotel sites have attracted significant investment interest in the past few years. Earlier this year, Greenoaks Capital led a INR1.5 billion ($24 million) investment in Oravel Stays, which operates hotel marketplace Oyorooms.com, and Matrix itself bought a significant stake in discount room booking site Stayzilla.com in 2013.

Matrix is currently investing out of its Matrix Partners India II fund, which closed in 2011 at $300 million. It primarily seeks early stage investments in India's consumer services sector.

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• Topics
• South Asia
• Consumer
• Technology
• Early-stage
• Venture
• India
• Matrix Partners
• Consumer
• Technology
• SAIF Partners
• Venture