India's Bloom Hotel Group has raised Rs 100 crore in a fresh round of funding from Samena Capital, a principal investment group focusing on the Subcontinent, Asia, Middle East and North Africa.
In April, Samena Capital invested Rs 100 crore in a series-B investment round in Bloom Hotels for a 35-percent stake in the company. This takes the investment group's stake to 45 percent.
According to the company, Bloom is looking to sign 100 hotels within the next 18 to 24 months as part of its phase-one growth. The company's pace of growth picked up significantly after Samena's initial investment, and this additional capital will be used to complete the first stage of its growth cycle and continue to focus on quality sites and developers, the company noted.
After launches in tier-one markets, the company has turned its attention to the high-growth tier-two and tier-three markets. The company has several new hotels under development in Aurangabad, Varanasi, Lucknow, Vijayawada and Amritsar, among others.
"We are energized by [the] follow-on investments which will help boost the growth trajectory and help us get to targets ahead of schedule," said Bloom Hotels COO Sanjeev Sethi.