After raising a $34 Mn Series C funding in August last year, Bengaluru-based tech-enabled budget hotel brand Treebo Hotels has made its debut acquisition with online events discovery platform Events High.
The deal amount remained undisclosed. According to media report, “The acquisition marks Treebo’s efforts to add to its services, and takes a leaf out of global accommodation marketplace Airbnb’s successful strategy of offering events and experiences to consumers.”
Events High offers information on various activities and events and enables customers to book treks and hikes, cooking classes, dance classes, concerts, heritage walks, nightlife, etc in eight cities — Bengaluru, Mumbai, Delhi, Chennai, Hyderabad, Pune, Kolkata, and Goa. The move will enable Treebo to enter the thriving events and activities segment, which is estimated to be ~$180B in size globally, and ~$5B in India.
Also, with this deal, Events High’s early-stage investor Axilor Ventures will acquire an undisclosed stake in Treebo. After the acquisition, the Events High team of 15 will get absorbed in Treebo.
“We are excited to have Events High founders Nikesh Garera, Arvind Batra, and the team onboard. They come with strong tech experience, having worked with technology giants like Google and Walmart Labs in the US. Their solid domain expertise and consumer understanding are reflected in the strong product they have built,” said Treebo co-founder Sidharth Gupta, in a media statement.
An email sent to Treebo did not elicit any response till the time of publication.