Bengaluru-based hotel aggregator Treebo, owned and operated by Ruptub Solutions Private Limited, has posted a revenue of ₹47.4 crore in FY18, more than doubling from ₹20.56 crore in FY17, according to filings accessed by business intelligence firm Tofler.
The startups operating revenue was pegged at ₹41.4 crore in FY18, rising from ₹17.95 crore in the previous fiscal.
While Treebo witnessed some growth in the revenues, it came at a cost of its widening net loss, which stood at ₹114.9 crore in the current fiscal, up by 56% from ₹73.5 crore in FY17.
Losses can be attributed to the growing total expenses of the startup that stood at ₹162.37 crore in FY18, up from ₹94.04 crore in FY17. Also, employee benefit expenses accounted for about 41% of the total expenses at ₹66.83 crore.
Treebo Hotels was founded by former MakeMyTrip executive Kadam Jeet Jain, former McKinsey executive Rahul Chaudhary, and former Myntra executive Sidharth Gupta in June 2015. It has a wide variety of rooms providing a best-in-class service to its customers. It has about 10,000 rooms in nearly 400 hotels spread across over 85 cities operating under its brand.
In July 2018, Treebo laid off 10% of its 800 strong workforce, as the startup focuses on technology and innovations to reduce costs and inefficiencies in the process.
Earlier in August 2017, Treebo Hotels raised ₹226 crore in a series C funding round from Hong Kong-based hedge funds Ward Ferry Management and Karst Peak Capital. Existing investors that participated in the round included Bertelsmann India, SAIF Partners and Matrix Partners India.
Last month, OYO raised $1 billion from Softbank, to fuel its global expansion plans.