Published on : Thursday, December 27, 2018
This is the second round of funding from Samena Capital, which had earlier invested Rs 100 crore in the company in April 2018.
Shirish Saraf, founder and vice-chairman, Samena Capital said that they have decided to increase otheir 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.
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.
It currently operates eight hotels in some of the Indian metropolis like 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.
Sanjeev Sethi, chief operating officer, Bloom Hotels that their pace of growth has picked up significantly after Samena’s initial investment in Bloom.