Hospitality firm Treebo has raised $16 million in Series D round led by French hospitality firm Accor, the company said in a statement on June 30.
Following the investment Treebo will deploy its cloud-based hotel management software at various Accor hotels worldwide.
Interestingly, the announcement comes soon after one of the co-founders Rahul Chaudhary exited from his role. He continues to be an advisor and a board member.
The round also saw participation from Bennett Coleman & Company Ltd (BCCL), Deepak Parayanken, deputy managing director of Mozambique Holdings and the existing investors Elevation Capital, Matrix Partners, Bertelsmann and Ward Ferry.
"Accor is not only one of the largest hotel companies in the world, it is also amongst the most forward-thinking ones. Their strong conviction in technology as a key enabler for the industry makes them the perfect partner for us as we grow both our hotel business as well as our SaaS business, Hotel Superhero," said Sidharth Gupta, co-founder, Treebo.
Following the pandemic, the company has been heavily focusing on its software solutions from just being a hotel accommodation provider. The software, Hotel Superhero, is already operational at a selection of Accor properties and will be rolled out to several others over the next few months.
"It (Hotel Superhero) is cloud based, intuitively designed, and comprehensive in its functionalities. We are looking forward to using their solutions to improve guest experience and operational efficiency," said Floor Bleeker, Chief Technology Officer, Accor.
Under this solution, the company offers hotel management software including modules like property management, point of sale, rates and inventory management, housekeeping, guest assist, among others. The company had recently named its senior vice president of Engineering, Mayank Khandelwal as the co-founder of this business unit.
Earlier this year, the company also raised $7 million from some angel investors and existing backers.
Treebo competes with Softbank-backed Oyo. However, unlike Oyo which experimented with different models such as select inventory, minimum guarantee and franchisee Treebo started off with a full-stack model wherein it would sell all the rooms of a hotel on its platform.