Budget Hotel Chain Treebo Raises Series D Funding
The hospitality industry is among those industries that have been severely hit by the COVID-19 pandemic.
Budget accommodation hotel brand Treebo Hotels is no exception, and the company is trying its best to keep the dice rolling.
Amid tough times and no revenue, Treebo Hotels has raised a Rs 10.26 crore worth tranche from a list of angel investors as a part of its ongoing Series D funding round.
As per regulatory filings, Deepak Paresaken has invested Rs 7.5 crore along with other high net worth individuals, including Prasoon Agarwal ( Goldman Sachs’ executive director), Paytm founder Vijay Shekhar Sharma, and Saikiran K (co-founders of xto10x).
Talking about the situation of the travel tech industry, a prime consulting firm in the travel tech domain said,
“Fundraising for any hotel brand is challenging at the moment as the pandemic has crippled the sector. There is almost no revenue in the last four months, and the situation is unlikely to improve drastically in the ongoing fiscal.”