Matrix Partners India invests Rs 47.34 cr in Siesta Hospitality
Posted by paragjani on November 4, 2009
Mumbai-based venture capital firm Matrix Partners India has invested around Rs 47.34 crore in Bengaluru-based Siesta Hospitality Services Ltd. Rishi Navani, Co–founder and Managing Director, Matrix Partners India said, “Siesta Hospitality has an innovative business model to address the hospitality needs of corporations.”
Ashok Chattaraj, Co-founder of Siesta Hospitality declined to disclose the stake acquired but said it was a minority one. E&Y advised Siesta Hospitality on the deal.
According to a report in livemint.com, Siesta Hospitality, set up in 2005, provides customised serviced apartments for travelling executives, based on specific requirements. The firm, which owns at least 500 rooms across 14 cities and counts Barclays Bank Plc, Citibank N A, and Nokia Siemens Networks Pvt Ltd, among others, also customises the apartment according to client specifications.
Source:http://www.hospitalitybizindia.com/detailNews.aspx?aid=6586&sid=1
