New Delhi, Feb 4 (PTI) Budget hospitality chain Treebo Hotels is planning to add 450 properties to its network by the end of this year as it expands presence in the country.
The company is also looking to add up to 80 cities including business, leisure and religious destinations where it seeks to be present from the current 65 cities.
At present, Treebo Hotels has 300 hotels with over 7,000 rooms in its inventory.
"We are planning to add 450 properties by end of 2018 taking the total number of properties to 750. Our mission is to provide great experience to the budget travellers," Treebo Hotels co-founder Sidharth Gupta told PTI.
The cities which the company will be adding include destinations such as Gangtok, Darjeeling, Jammu, Ludhiana, Surat, Rajkot, Tirupati and Rameswaram among others, he added.
When asked about the business model the company follows, Gupta said: "The business model that we follow is franchise model. We pioneered this concept in 2015 in the budget hotels segment."
The company which had raised around Rs 220 crore in Series C funding led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital in 2017 said it will use the funds for enhancing customer experience and brand building.
"We will be using the funds for brand building, building our technology team and most importantly on strengthening our experience capabilities", Gupta said.
It is also expecting to be EBITDA (earnings before interest, tax, depreciation and amortisation) positive in three years, he added.
Founded in June 2015, Treebo Hotels is the brainchild of Sidharth Gupta, Rahul Chaudhary and Kadam Jeet Jain. PTI AKT SBT
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today