India’s technology-enabled budget hotel brand Treebo Hotels has confirmed a $35 million in a Series C round, bring its total raised since its 2015 launch to $60 million.

Its first funding was a $6 million Series A in June 2015 followed by a further $16.7 million just over a year later.

The latest round has been led by two new investors, both from Hong Kong – Ward Ferry Management and Karst Peak Capital.

Existing investors SAIF Partners, Matrix Partners India, and Bertelsmann India Investments were also involved.

Treebo is the biggest budget hotel chain in India and has more than 300 properties in more than 50 cities. It operates on a franchise model, giving its partner properties access to operational and distribution technology and advice.

One of its co-founders welcomed Ward Ferry and Karst Peak as “seasoned investors in the global markets including in the travel and hospitality space”.

Related reading from tnooz:
OYO cuts losses and spend, shuns OTAs (July17)
FabHotels nabs $25 million Series B (July17)