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Goldman bets on online budget hotel company FabHotels

The private investment arm of Wall Street heavyweight Goldman Sachs, which has backed the likes of Uber and Spotify, is laying a bet on online budget hotel startup FabHotels here in India.

Goldman Sachs Investment Partners which typically spots early-to-mid stage startups globally is leading a Rs 160 crore financing round in the Gurgaon-based hotel budget hotel brand, the bank's maiden investment in India from its venture fund. Accel Partners, an early investor in the company also participated in the new financing round.

Before closing this round, FabHotels had held talks with MakeMyTrip for a potential investment deal as reported by TOI in its April 25 edition but those discussions have stalled for the time being, people familiar with the matter said.