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Bloom Hotels expansion fuelled by Rs 100 cr capital injection by Samena
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Monday, 23 April, 2018, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Bloom Hotels is moving ahead with expansion plans after the recent primary capital injection of Rs 100 crore by principal investment group Samena Capital in the company’s Series B investment round.
The investment values Bloom at Rs 330 crore and will help roll out the company’s innovative affordable brands to all Indian cities. With this investment, Samena Capital has taken a 35% stake in Bloom.
After Bengaluru, New Delhi, Gurgaon and Goa, Bloom has recently picked up the pace of expansion in pursuit of its aim to set up 100 hotels across South Asia. The expansion coincides with India becoming the world’s third-largest airline market. Demand growth is also being driven by the emerging middle income group and growing discretionary consumption.
Commenting on the investment, Shirish Saraf, founder and vice-chairman, Samena Capital, said, “We are delighted to partner with Bloom, a truly differentiated company that can bring transformational change to the industry. Bloom has proven its unique business model by achieving operational profitability across its current portfolio in a very short period of time.”
Sanjeev Sethi, COO, Bloom, said, “We are proud to have Samena on board as we grow the Bloom brand across South Asia in quick time. We look forward to benefiting from the Samena team’s proven track record in working with consumer facing companies at the high growth stage.”
As part of the pan-India roll out, in February this year, Bloom Hotels opened two properties in Calangute, Goa. This included the official launch of the newly minted BloomSuites brand at a 140-room hotel. The company has also lined up hotel launches in 20 other locations across the country, from Hyderabad to Kochi to Mumbai.
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