Budget hospitality chain Treebo raises $16-M from Accor, others

Bengaluru-based budget hospitality chain Treebo Hotels has raised USD 16 million (INR 118 crore) in Series D funding round from a clutch of investors led by French hospitality major Accor. Other participants in the round include Bennett Coleman & Co. Ltd. (BCCL); Deepak Parayanken, deputy managing director of Mozambique Holdings, who invested in his personal capacity; and the company's existing investors Elevation Capital, Matrix Partners, Bertelsmann and Ward Ferry. The investment by Accor is part of a broader partnership it struck with Treebo under which the hospitality company will deploy its cloud-based hotel management software at various Accor hotels worldwide.