Bloom Hotels (Bloom), which recently raised just over Rs 100 crores in a Series B investment round led by Samena Capital, has received another Rs 100 crores from the same investor. Bloom is targeting 100 hotels within the next 18 to 24 months as part of its first phase growth. The company will utilize this additional capital to complete the first stage of its growth cycle and continue to focus on quality sites and developers.
Commenting on this follow up investment, Shirish Saraf, Founder and Vice-Chairman of Samena Capital said, “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 brand has turned its attention to the high growth Tier 2 & 3 market opportunity. Bloom hotels are now being planned in all cities outside the metros which will contribute to the company reaching its initial 100 hotel target well in time.
The focus continues to remain on unique locations within these markets with several new hotels under development in Aurangabad, Varanasi, Lucknow, Vijayawada and Amritsar among various other locations.
Sanjeev Sethi, COO of Bloom, said, “Our pace of growth has picked up significantly after Samena’s initial investment in to Bloom. We are energized by their follow on investments which will help boost the growth trajectory and help us get to targets ahead of schedule. Despite several offers we have been selective in partnering with only high caliber investors like Samena that value qualitative growth over simply quantitative growth.”
The company which won the auction for a hotel on Janpath has recently opened this hotel with new launches lined up in several other locations across the country - from Hyderabad to Kochi and Mumbai.