HummingBird Suites Pvt Ltd, Bangalore-based service apartment operator has received venture funding of $4 million from Helion Ventures Partners. This is the first round of funding for HummingBird. The company, which has a presence in five cities across the country, will use this round of funding for further expansion and scaling up of its operations. Helion Ventures is picking up a minority stake HummingBird.
The company currently operates 900 rooms and plans to raise it upto 2,500 rooms in the next couple of years. The company had revenues of Rs 11 crore in FY07 and plans to raise it to Rs 40 crore in FY09 and to Rs 100 crore in the next two years. HummingBird has operations in Mumbai, Pune, Banglore, Gurgaon and Hyderabad. Its clients include Microsoft, Cisco, Goldman Sachs, BCG, Fobes among others. Also one of its clients is Helion Ventures itself.
Helion Ventures had earlier this year raised $210 million which took the capital under management increases from $140 million to $350 million. Helion, which has an investment in UnitedLex, joined Canaan Partners for Series B funding of $6 million. The fund has invested in others like travel portal MakeMyTrip, outsourcing firm Anantara Solutions, mobile VAS company Kirusa, among others.
