According to an Entrackr report, the round was led by Panthera Growth Partners, a Singapore-based investment firm that has backed well-known Indian startups like BigBasket, OfBusiness, and Zivame.
The report further said that the company plans to use the raised proceeds to scale its new vertical TravelPlus, a Corporate travel and expense management platform that claims to have elite companies as its customers. These include Spinny, Urban Company, PolicyBazaar, Zomato, Spicejet, Pharmeasy, and Ninjacart, among others.
Founded in 2015 by Adarsh Manpuria and Vaibhav Aggarwal, Fabhotels is a Gurgaon-based online aggregator for hotel rooms. So far, the startup has raised over $48 million in funding from investors, including Goldman Sachs, Acce, RB Investments Pte. Ltd., Qualcomm, Tacxn Labs, and InnoVen Capital.
According to the company's website, It has 1,300+ hotels across 76+ cities and over 4 million customers.