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HummingBird raises $4 Mn fund
By
IANS
Bangalore: HummingBird, a service apartment operator, has landed on a funding of dollar four million from Helion, a venture group. The capital will be put to use for its expansion and the accelerating its operations.
There are plans of expansion of its current structure with 900 rooms to 2, 500 rooms in the coming years. Moreover, HummingBird also expects to increase its revenue from Rs.11 crore in FY07 to Rs.100 crore in FY11. The company which is based in six Indian cities, deal with clients like Microsoft, Cisco, Goldman Sachsand and Helion.
The venture firm had raised $210 million, which took the capital under management to $350 million from $140 million. There are various other sectors where the firm has funded like mobile VAS company Kirusa, outsourcing firm Anantara Solutions and the travel portal MakeMyTrip. As according to Helion founder Kanwaljit Singh, "With pressures on the bottomline, there is a huge need gap for a world-class service provider who offer corporates a one-stop solution for all their accommodation needs. HummingBird?s impressive client roster of 45 leading corporate organisations makes it a compelling investment proposition."
There are plans of expansion of its current structure with 900 rooms to 2, 500 rooms in the coming years. Moreover, HummingBird also expects to increase its revenue from Rs.11 crore in FY07 to Rs.100 crore in FY11. The company which is based in six Indian cities, deal with clients like Microsoft, Cisco, Goldman Sachsand and Helion.
The venture firm had raised $210 million, which took the capital under management to $350 million from $140 million. There are various other sectors where the firm has funded like mobile VAS company Kirusa, outsourcing firm Anantara Solutions and the travel portal MakeMyTrip. As according to Helion founder Kanwaljit Singh, "With pressures on the bottomline, there is a huge need gap for a world-class service provider who offer corporates a one-stop solution for all their accommodation needs. HummingBird?s impressive client roster of 45 leading corporate organisations makes it a compelling investment proposition."
Reader's comments(1)
1
I believe if HummingBird can cater to corporate world, the facility of
conference rooms too, it can achieve 100 Crores target in no time. I say this as
increasing number of companies now want to do business on the move and don't
like to be confined to one single location. Thus providing conference/ meeting
room facilities at verious locations around the country can benefit HummingBird
achieve its targets in less then expected time...
conference rooms too, it can achieve 100 Crores target in no time. I say this as
increasing number of companies now want to do business on the move and don't
like to be confined to one single location. Thus providing conference/ meeting
room facilities at verious locations around the country can benefit HummingBird
achieve its targets in less then expected time...
Posted by:
Vishal - CellStrat
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