FreshUp raises $1.5 million through Seed Funding from Lotus Global Investments Ltd
Author(s): City Air NewsPlans to introduce micro-stay concept in 20 more locations across South India Chennai, November 20, 2017: India's first micro-stay hospitality chain, FreshUp today announced that it has raised $1.5 million through...
Plans to introduce micro-stay concept in 20 more locations across South India
Chennai, November 20, 2017: India's first micro-stay hospitality chain, FreshUp today announced that it has raised $1.5 million through seed funding from Lotus Global Investments Ltd., a Singapore based firm. The investment will be used to strengthen and expand its presence across southern states of the country - Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Karnataka. Headquartered in Chennai, FreshUp services are currently available in Hyderabad and Tirupathi.
FreshUp is the first start-up to introduce micro stay concept in India which is specifically designed for the single day traveller. Revolutionising the lodging experience altogether, it allows customers to experience a luxurious stay on an hourly basis combined with top-notch facilities like 24-hours internet connectivity, luggage drop and pick up, meeting room and many more at affordable pricing. FreshUp centres will be present in pilgrimage cities and nearby airports, providing travellers a space to freshen up while they are on the move.
Mr. Vinil Reddy, CEO – FreshUp said, “FreshUp is thoroughly happy to be associated with Lotus Global Investments Ltd. through this funding process. We believe that this progress will impact our business in a positive way and will help us to expand throughout the south in a rapid and phased manner. We are assertive that we will be able to launch at least 20 outlets by the end of next calendar year.”
Mr.Mohan Ramalingam, Co-Founder-FreshUp said, ‘We are very happy to announce this key investment as we make plans for rapid expansion across India. FreshUp’s unique offering is sure to re-imagine and revolutionise the hospitality space and we are very grateful for this opportunity to share our concept with a wider audience’
Lotus Global Investments Ltd said, “We are delighted to announce our investment into Freshup. We believe the two founders, Vinil Reddy and Mohan Ramalingam, have developed a unique concept that will revolutionize the hospitality market, across India, but also into the Asia Pacific region. We are happy to be a part of this groundbreaking journey with them and hope to participate in further funding rounds as the company develops and achieves new heights in the industry.