TreeboHotels announced on Tuesday that it has raised Rs 10 crore from a group of angel investors including Vijay Shekhar Sharma, founder and CEO of Paytm, Jaydeep Barman, co-founder and CEO of Rebel Foods (Faasos), DeepakParayanken, managing director of Mozambique Holdings and Sakshi Gudwani, senior program officer at Bill & Melinda Gates Foundation.
The Rs 10 crore investment in Treebo comes after the recent investment of Rs 45 crore raised by the company from existing investors. The angel round was led by Deepak Parayanken, deputy managing director of Mozambique Holdings, a diversified conglomerate headquartered in Mozambique, with 1,400 employees and about $100 million in turnover.
The Parayanken family office owns five hotels in the US, operating under brands such as Holiday Inn and Hyatt. The group also has business interests across power, utilities, defense, auto, and pharma sectors in Mozambique.
Deepak Parayanken said Treebo’s hotel management software, Hotel Superhero, is something that hotels of all sizes and shapes across the world can benefit from. “Their unique playbook of providing quality assurance to customers and better monetisation to hotel owners in the budget segment is also something that has global potential,” he added.
Shantanu Deshpande, co-founder and CEO of Bombay Shaving Company, Siddharth Velakacharla, Partner at Indus Capital Partners, Gautam Gurnani, vice president, Investments at Dubai Holding, along with other senior executives from McKinsey, Amazon and Microsoft, also participated in this round.
Sidharth Gupta, co-founder, Treebo said the belief demonstrated by the investors, all seasoned business professionals themselves, in Treebo despite the current challenging times is precious for the company.
“They are taking a bet on the long term prospects and the strong fundamentals of the business, which is hugely encouraging. We are excited about not just their capital but also the valuable advice and guidance they can offer,” he added.
Treebo had launched a SaaS business called Hotel Superhero under which it offers an integrated, cloud-based hotel management software to independent hotels and chains. The company is running a programme called Treebo Hygiene Shield to tighten its safety protocols in the face of Covid, it said.
Treebo stated all operational hotels of the company are regularly audited on their compliance of Covid related safety standards and are accordingly given a gold or platinum hygiene shield rating on the website. Treebo has a portfolio of 600+ hotels in over 100 cities.