Mumbai: Venture capital firm Matrix Partners India on Wednesday said it is investing at least $10 million (Rs47.34 crore) in Bengaluru-based Siesta Hospitality Services Ltd
“Siesta Hospitality has an innovative business model to address the hospitality needs of corporations,” said Rishi Navani, co–founder and managing director of Mumbai-based Matrix India, in a statement. He has joined the Siesta board.
Siesta Hospitality, set up in 2005, provides customized serviced apartments for traveling executives, based on specific requirements. The firm, which owns at least 500 rooms across 14 cities and counts Barclays Bank Plc, Citibank N A, and Nokia Siemens Networks Pvt Ltd., among others, also customizes the apartment according to client specifications.
Ashok Chattaraj, co-founder of Siesta declined to disclose the stake acquired but said it was a minority one. E&Y advised Siesta Hospitality on the deal.