UditFabHotels which is a Budget hotel chain has now secured INR 54 crore from some of the existing investors which include the Qualcomm, Goldman Sachs and Accel partners in the funding round on the placement basis.
FabHotels has issues around 223462 cumulative convertible preferences shares to the investors, according to the regulatory documents filed by the FabHotels
As of now, FabHotels has secured a total of $35.3 Million in the four funding rounds, according to the report which has been revealed. The fresh funding is going to be used to help the firm compete with the SoftBank backed OYO which is rapidly gaining all the market.
FabHotels was founded by the Vaibhav Aggarwal, an alumnus of Wharton School, the University of Pennsylvania in the year 2014 starting from the just four properties.
The Indian market is going to be projected to grow around $13 Billion by the end of 2020 from $7 Billion in 2015, according to the report.
Source: FabHotels