FabHotels gets Rs 54 crore from Goldman Sachs, Accel and Qualcomm

The fresh funding would help the budget hotel chain tap the booming hospitality market in the country and also compete with OYO

Budget hotel chain FabHotels has raised Rs 54 crore from existing investors Goldman Sachs, Accel Partners and Qualcomm in a funding round on a private placement basis. 

FabHotels has issued a total of 2,23,462 cumulative convertible preference shares to these investors, according to the regulatory documents filed by FabHotels, which were sourced from business signals platform paper.vc.

FabHotels has raised a total of $35.3 million in funding over 4 rounds, according to Crunchbase. The fresh funding is expected to help the firm compete with SoftBank-backed hotel chain OYO which is rapidly capturing the India market.

FabHotels was founded by Vaibhav Aggarwal, an alumnus