Bloom Hotels has reportedly raised funds amounting to Rs 100 crore in a fresh round of funding. This round was led by Samena Capital, taking the principal investment group’s stake in the company to 45%.
Samena Capital had earlier invested Rs 100 crore in Bloom Hotels for 35% stake in the company in April this year.
“With a view on keeping up with the company’s accelerated growth and management’s effective on the ground execution, Samena Capital has raised its Series B investment to Rs 200 crore within a few months after the initial investment into the company,” Bloom Hotels said in a statement.
The company is targeting signing a 100 hotels within the next 18 to 24 months as part of its first phase growth, it added. The additional capital will be utilised to complete the first stage of growth cycle and continue to focus on quality sites and developers, the statement said.
Samena Capital Founder and Vice-Chairman Shirish Saraf stated, “We have decided to increase our investment commitments in Bloom within a short period of time in view of the quick brand roll out that is underway, combined with effective execution by the management team.”
After successful launches in tier 1 markets, the company has turned its attention to the high-growth tier 2 and 3 markets as the statement said.
“We are energised by their follow-on investments which will help boost the growth trajectory and help us get to targets ahead of schedule,” Bloom Hotels COO Sanjeev Sethi said.
Bloom Hotels said it has several new hotels under development in locations such as Aurangabad, Varanasi, Lucknow, Vijayawada and Amritsar among others.