Casa2 Stays Pvt. Ltd, which operates budget hotel chain FabHotels, is raising about $5.6 million (Rs 39 crore) in its Series B2 funding round from Goldman Sachs, Accel, and Singapore’s RB Investments at a valuation of Rs 856.4 crore, Entrackr reported.
The company has issued 1,28,034 Series B2 CCPS collectively to the aforesaid investors. Both Accel and Goldman will invest around Rs 14.2 crore each into the budget hotel operator, while RB Investments will inject Rs 10.66 crore.
FabHotels had last raised about $7.7 million in Series B1 funding round, led by existing investor Goldman Sachs in June last year.
Established in 2014 by Wharton School alumnus Vaibhav Aggarwal, FabHotels primarily works on a franchise model that’s aimed at providing standardised services. The hospitality chain currently runs over 600 hotels across 50 cities in India.
INDIA DEAL MONITOR
Here are some of the venture capital transactions in India from January 3-January 6.