<article>Budget hotel chain<a href="http://dealstreetasia.com/tag/treebo" target="_blank" rel="noopener"> Treebo Hotels</a> has raised $34 million in a Series C round of funding led by Hong Kong-based investment firm <a href="http://dealstreetasia.com/tag/ward-ferry" target="_blank" rel="noopener">Ward Ferry Management</a> and <a href="http://dealstreetasia.com/tag/karst-peak" target="_blank" rel="noopener">Karst Peak Capital</a>.
Existing investors <a href="http://dealstreetasia.com/tag/saif-partners" target="_blank" rel="noopener">SAIF Partners</a>, <a href="http://dealstreetasia.com/tag/matrix-partners" target="_blank" rel="noopener">Matrix Partners India</a> and <a href="http://dealstreetasia.com/tag/bertelsmann" target="_blank" rel="noopener">Bertelsmann India Investments</a> also participated in the round.</article>

Budget hotel chain<a href="http://dealstreetasia.com/tag/treebo" target="_blank" rel="noopener"> Treebo Hotels</a> has raised $34 million in a Series C round of funding led by Hong Kong-based investment firm <a href="http://dealstreetasia.com/tag/ward-ferry" target="_blank" rel="noopener">Ward Ferry Management</a> and <a href="http://dealstreetasia.com/tag/karst-peak" target="_blank" rel="noopener">Karst Peak Capital</a>.
Existing investors <a href="http://dealstreetasia.com/tag/saif-partners" target="_blank" rel="noopener">SAIF Partners</a>, <a href="http://dealstreetasia.com/tag/matrix-partners" target="_blank" rel="noopener">Matrix Partners India</a> and <a href="http://dealstreetasia.com/tag/bertelsmann" target="_blank" rel="noopener">Bertelsmann India Investments</a> also participated in the round.
Prior to this round,  the company had raised a total of $23 million over two rounds from SAIF Partners, Matrix Partners India and Bertelsmann India Investments. In June last year, Treebo had raised $17 million in a round led by Bertelsmann India Investments.
Ward Ferry is also an investor in <a href="http://dealstreetasia.com/tag/makemytrip" target="_blank" rel="noopener">MakeMyTrip</a>, which was reportedly been in talks with Treebo and its rival <a href="http://dealstreetasia.com/tag/fab-hotels" target="_blank" rel="noopener">Fab Hotels</a> for an equity stake to get a toe-hold in the budget hotel space in India. However, the talks with Treebo had fallen through.
The investment comes close on the heels of FabHotels raising $25 million in a Series B funding round led by <a href="http://dealstreetasia.com/tag/goldman-sachs" target="_blank" rel="noopener">Goldman Sachs </a>last month.
Treebo Hotels also competes with <a href="http://dealstreetasia.com/tag/oyo" target="_blank" rel="noopener">OYO</a>, which has the backing of global investment giant <a href="http://dealstreetasia.com/tag/softbank" target="_blank" rel="noopener">SoftBank, </a>and funding of over $200 million.
Treebo was founded in March 2015 by IIT Roorkee alumni Rahul Chaudhary, Sidharth Gupta and Kadam Jeet Jain.
Chaudhary and Gupta had previously worked with fashion website Myntra, while Jain had worked with travel portal MakeMyTrip.
Treebo Hotels defines itself as technology-enabled budget hotel brand with close to 300 franchises offering 6000 rooms, operating exclusively under its brand across more than 50 cities.
The company plans to invest the fresh funds into enhancing customer experience, building a stronger brand, strengthening its technology team, and expanding its footprint in existing and new cities.
Sidharth Gupta, co-founder, Treebo, said Ward Ferry and Karst Peak were seasoned investors in the global markets, including in the travel and hospitality space and Treebo looked forward to using their experience to drive growth.
Also Read:
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/48248-48248/" target="_blank" rel="noopener">India: Treebo Hotels raises $16.7m from Bertelsmann, others</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-fabhotels-raises-25m-goldman-sachs-accel-partners-78777/" target="_blank" rel="noopener">India: FabHotels secures $25m Series B from Goldman Sachs, Accel Partners</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/71079-71079/" target="_blank" rel="noopener">MakeMyTrip may pick up strategic stake in Fab Hotels</a>

India: Budget chain Treebo Hotels raises $34m led by HK-based funds

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