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FreshUp raises USD 1.5 million through Seed Funding from Lotus Global Investments Ltd.

Plans to introduce micro-stay concept in 20 more locations across South India

Tuesday, November 21, 2017, 16:00 Hrs  [IST]
HBI Staff | Mumbai

India's first micro-stay hospitality chain, FreshUp recently announced that it has raised USD 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.

Revolutionising the lodging experience, FreshUp allows customers to experience a luxurious stay on an hourly basis combined with 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.

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.”

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 revolutionise 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.”

 
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