Bengaluru: Zo Rooms, a New Delhi based online budget hotels chain, raises an undisclosed amount of Series A funding from Tiger Global. The round also witnessed participation from Orios Venture Partners. Although the financial terms of the deal were not disclosed, sources reported that the amount is nearly $15 million. The company will utilize the funds to enhance its technology setup and to focus on improving their marketing strategies so as to become the leader in their sector.
Established in 2014 by qualified entrepreneurs – Paavan Nanda, Tarun Tiwari, Abhishek Bhutra, Akhil Malik, Chetan Chauhan and Siddharth Janghu – Zo Rooms is a user-friendly low-budget hotel chain which enables users to reserve rooms at their preferred locations at any time at reasonable prices. The users can avail the services through the Zo Room’s mobile application wherein the app automatically detects the location of the user through GPS and gives a list the nearest Zo Rooms available for booking.
The company claims to add five hotels to its portfolio each day and to expand to two new cities every week. Currently, the company offers its services in 30 cities with close to 400 hotels, and plans to increase its areas of operation to 60 cities by the end of this year.