Treebo Hotels, the Bangalore-based hospitality startup, has announced that Kadam Jeet Jain, one of its co-founders, will be stepping down from his role as the company’s CEO. Jain, who has been associated with the company since its inception in 2015, will be replaced by co-founder and COO, Sidharth Gupta.
Jain, a graduate from IIT Roorkee, played an instrumental role in building Treebo into one of India’s leading hotel chains. Under his leadership, the company raised over $50 million in funding from some of the biggest investors in the country, including Sequoia Capital and Matrix Partners.
In a statement, Jain said that he was stepping down from his role as CEO to pursue new opportunities outside of Treebo. He expressed his gratitude towards the company’s employees, partners, and investors for their support over the years and wished the team all the best for the future.
Jain’s departure comes at a time when Treebo is facing some significant challenges due to the pandemic. Like many other players in the hospitality industry, the company has seen a sharp decline in business over the past year. However, Gupta, who has been with the company since its inception, expressed confidence that Treebo would be able to navigate these challenges successfully.
Gupta said that the company would continue to focus on delivering high-quality hospitality services at an affordable price point, which has been the hallmark of Treebo’s success. He added that the company would also be looking to leverage technology to enhance the customer experience and streamline operations.
Treebo, which currently operates over 600 hotels across 100 cities in India, has been able to differentiate itself in the crowded hospitality market by offering standardized and affordable accommodation options. The company has also been able to build a loyal customer base by providing a consistent level of service across its properties.
The company’s investors have also expressed confidence in Treebo’s future prospects. G.V. Ravishankar, Managing Director at Sequoia Capital India, said in a statement that Jain had played a crucial role in building the company and wished him well for his future endeavors. He added that the company was well-positioned to weather the current challenges and emerge stronger.
With Gupta taking over as CEO, Treebo will be hoping to continue its growth trajectory and emerge as a leading player in the Indian hospitality industry.