[Funding alert] Treebo Hotels closes $16M in Series D round led by Accor
Bengaluru-based hotel chains Treebo Hotels on Wednesday announced the closure of its Series D investment round, whereby it has raised Rs 118 Cr (approximately $16 million) from a group of investors led by Accor, a world leader in hospitality.
The round also saw participation from Bennett Coleman & Company Limited (BCCL), Deepak Parayanken - Deputy Managing Director of Mozambique Holdings, who invested in his personal capacity - and the company’s existing investors, Elevation Capital, Matrix Partners, Bertelsmann, and Ward Ferry.
The investment by Accor is part of its broader partnership with Treebo under which the latter said it will deploy its cloud based, comprehensive hotel management software, called ‘Hotel Superhero’, at various Accor hotels worldwide. The software is already operational at a selection of Accor properties and will be rolled out to several others over the next few months.
Founders of Treebo- Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet
Sidharth Gupta, Co-founder, Treebo said,
“We are thrilled that through our partnership with Accor, we will have the opportunity to learn from the very best in the hospitality industry. Accor is not only one of the largest hotel companies in the world, it is also amongst the most forward-thinking ones."
“Their strong conviction in technology as a key enabler for the industry makes them the perfect partner for us as we grow both our hotel business as well as our SaaS business, Hotel Superhero. Accor’s decision to use the Hotel Superhero product for their properties is a testament to the strong technology capabilities we have been able to offer to the industry through our property management, point of sale, and other solutions,” Sidharth added.
In July last year, Treebo had re-launched its SaaS business, Hotel Superhero, with a renewed focus on serving organised hotel chains, in addition to independent hotels. The company offers a comprehensive hotel management software including modules like property management, point of sale, rates and inventory management, housekeeping, guest assist, among others. The company had recently named its SVP of Engineering, Mayank Khandelwal as the co-founder of this business unit.
Commenting on the development, Floor Bleeker, Chief Technology Officer, Accor added,
“We are delighted to partner with the talented team of Treebo. Their software solution, Hotel Superhero, is exactly the kind of technology that the hospitality industry needs today. It is cloud based, intuitively designed, and comprehensive in its functionalities. We are looking forward to using their solutions to improve guest experience and operational efficiency.”
Treebo was founded in 2015 by Sidharth Gupta, Kadam Jeet Jain, and Rahul Chaudhary. It operates on the tech-enabled manachised model, and has a network of 500+ hotels across 100+ cities working under its brand. The company counts marquee funds like Elevation Capital, Matrix Partners, and Bertelsmann India Investments among its investor base.
Commenting on the investment by BCCL, Sidharth said,
“This partnership with BCCL will help us invest aggressively in brand building and capture our fair share of the post-pandemic demand for hotels. Their media properties, across formats, have the largest audience base, and can provide a solid platform for us to strengthen our brand awareness and recall.”