Emaar MGF Land Pvt Ltd has formed a joint venture with French hospitality group Accor to build 100 hotels in India over the next ten years.
The joint venture with Accor - christened as Budget Hotels India Pvt Ltd plans to invest $300 mn.
The JV would create a supply of at least 10,000 rooms. The brand will be called “Formule 1″ hotels.
India is a key market for Emaar which plans to invest $1 bn in India. The JV is also looking at an IPO next year which will dilute some 5-10% of the equity. Evolvence India Fund had recently invested $41 mn in Emaar MGF.
Fastudent, a B2B2C education e-commerce marketplace has announced a Pre-Series A fund raise from a group of investors including Kanwaljit Singh Fireside Ventures, Ajay Lakhotia former Vertex Venture Director and Pavan Ongole former SoftBank Director. Ashish Gupta, Trustee Ashoka University and former COO of eValueServe who invested in angel round also participated.