BackBloom Hotels raises ₹100 crore from Samena Capital
Samena Capital has increased its stake in Bloom Hotels to 45% from 35%
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Mumbai: Bloom Hotels, which recently acquired New Delhi’s Janpath Hotel, has raised an additional ₹ 100 crore from investment firm Samena Capital. This is the second round of funding from Samena Capital, which had earlier invested ₹ 100 crore in the company in April this year.
“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," Shirish Saraf, founder and vice-chairman, Samena Capital,said in a statement.
With this fresh round of investment, Samena Capital has increased its stake in Bloom Hotels, part of Imperativ Hospitality, to 45% from 35%. The fund will be used to finance Bloom Hotel’s expansion plans.
Bloom plans to sign around 100 hotels within the next 18 to 24 months as part of its first phase growth. “The company will utilise this additional capital to complete the first stage of its growth cycle and continue to focus on quality sites and developers," Bloom Hotels said.
It currently operates eight hotels in Bengaluru, Goa and Delhi. The company plans to expand in “high growth’ Tier 2 and 3 markets, including Aurangabad, Varanasi, Lucknow, Vijayawada and Amritsar among various other locations.
In June this year, the Delhi-based hotel firm outbid Indian Hotels Company Ltd (IHCL) and Byke Hotels and Resorts to acquire the 38- room Janpath hotel, which was referred to as the Hotel Asian International.
“Our pace of growth has picked up significantly after Samena’s initial investment in Bloom. We are energised by their follow-on investments, which will help boost the growth trajectory and help us get to targets ahead of schedule," according to Sanjeev Sethi, chief operating officer, Bloom Hotels.
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