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Gstaad Hotels set to raise ₹1,300-Cr from sale of JW Marriott Bengaluru

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Gstaad Hotels, currently under bankruptcy resolution, expects to secure up to ₹1,300 crore from the sale of the JW Marriott Bengaluru. The transaction, involving the premium property located on Vittal Mallya Road, is likely to rank among the largest single-asset hotel monetisation deals in India.

As per industry sources, the asset has attracted more than 40 expressions of interest from leading corporates, hotel chains, and private equity investors.

Gstaad Hotels, linked to the Raheja promoter group ecosystem, owns the Bengaluru JW Marriott through a special-purpose vehicle. The company entered insolvency after defaults amounting to about ₹666 crore resulted in the National Company Law Tribunal admitting a bankruptcy petition against it in July this year.

An industry adviser noted, “Last year, Ebitda was over ₹100 crore. The property can get much higher pricing than the recovery amount. Many top corporates are in the fray to buy out the asset,” adding, “We are seeing a structural shift in how promoter-owners view branded hotel assets-increasingly as monetisation plays rather than long-term holding businesses.”

Investors in major cities such as Bengaluru are now willing to pay a premium for operational hotels backed by strong brands and located in prime commercial zones with robust growth potential.

For buyers, the consultant said, “the upside lies in stable operations, brand continuity, and long-term real estate value. For the seller, the impetus is clear: unlock capital, reduce leverage, and address claims under the insolvency regime.”

The asset sale is aligned with the invitation for expressions of interest (EoI) issued by the resolution professional in August 2025.

The financial distress at Gstaad Hotels stems from a term loan extended in 2017 by Piramal Capital & Housing Finance, later assigned to Omkara Asset Reconstruction Company (ARC).

Market experts believe the deal could set a pricing benchmark for marquee branded hospitality assets in top urban centres and prompt more strategic exits, sale-leasebacks and portfolio-level divestments.

The resolution professional has also released a revised timeline for the ongoing corporate insolvency resolution process (CIRP). After deliberations during the sixth committee of creditors (CoC) meeting on October 23, the creditors approved via e-voting the updated schedule—moving the publication of the final list of prospective resolution applicants (PRAs) and the issuance of the information memorandum (IM) and request for resolution plans (RFRP) to October 27.

Blume Ventures raises $175 Mn in first close of fifth fund

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Karthik Reddy, cofounder and managing partner, Blume Ventures

Early-stage venture capital firm Blume Ventures has completed the initial close of its newest fund at $175 million, according to cofounder and partner Karthik Reddy.

The Bengaluru-headquartered investor, which has previously backed companies such as Purplle, Unacademy, Spinny and Cashify, is targeting a total corpus of $250-275 million for this vehicle and expects to complete the final close by early next year.

The fundraising comes amid heightened activity from other early-stage venture firms in India. Recent capital raises include India Quotient with $129 million for its fifth fund, Prime Venture Partners with $100 million, Campus Fund with $100 million, Cornerstone with $200 million, and Bessemer Venture Partners with $300 million.

Blume Ventures’ Fund V has already begun deploying capital into startups across healthtech, consumer tech, fintech, and deep tech. The fund’s early investments include healthtech companies Mave Health and Confido, consumer tech startups Lucira and Ozi, fintech firm PowerUp Money, and deep tech venture Ido.

Most of the capital for Fund V comes from existing LPs, alongside fresh participation from institutional investors, multilateral agencies, corporates, and family offices. Although the initial aim was to raise close to $300 million, Reddy said the final close is now expected around $250-275 million, citing the “difficult fundraising environment”.

He also noted that the firm has shifted its capital sources compared to the previous cycle. Blume Ventures had secured more than $110 million from Indian investors for its last flagship fund, but this time the firm chose to focus on larger limited partners. “We’re trying to stay away from those experimental small checks today, which means we’re probably shutting out anywhere between $60 million to $75 million of Indian money,” he said.

Blume’s previous flagship vehicle, which reached its final close in 2022, was sized at $250 million and later oversubscribed to $290 million. Reddy said, “Our fourth fund was around $50 million per partner, including reserves and fees. This lets us effectively address the earlier concern that we didn’t have enough capital to double down on our winners.”

Founded in 2010 by Reddy and Sanjay Nath, the India-focused venture firm has delivered returns of more than five times the invested capital from its first fund (including the extension fund). Between 2010 and 2015, it deployed a total of Rs 114 crore across Fund-I and IA, and the first fund has returned nearly 3.8 times in cash, with another 0.5 times expected. The second fund has already returned over 1.1 times and is projected to reach nearly 3x.

However, not all bets performed as anticipated. “Fund-II has fallen a lot from its peak. We had Dunzo, Koo, and Unacademy there, all of which we’ve taken significant markdowns or write-offs on,” Reddy said. Funds III and IV are yet to register exits.

Blume Ventures’ IPO pipeline is now expected to open with Turtlemint, which has already filed its draft red herring prospectus. Reddy said, “A lot of our DPI (distribution to paid-in capital, or cash returns) is going to come from companies on the path to IPOs; it’s not going to come through small-ticket M&As.” He added, “I believe that over the next five years, we’ll probably see over 100 new IPOs, in addition to what’s already in the market; roughly 20 a year. I’m hoping 10-15 of those will come from Blume’s portfolio.”

The firm projects a total DPI of more than $80 million across all funds in 2025. Beyond Turtlemint, Reddy expects companies such as Purplle, IntrCity and IDfy (from Fund I) to potentially list over the next two years. From its second fund, Servify and Spinny are likely to go public, while Fund III could see IPOs from Classplus, Leverage and Ultrahuman.

“Markets like stability. So, we’ll focus on variables, stability and profitability,” he said.

SAMHI Hotels secures MIDC timeline extension for 700-room dual-branded Navi Mumbai Project

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Ashish Jakhanwala CEO & Managing Director, SAMHI

SAMHI Hotels Limited, one of India’s leading branded hotel ownership and asset management platforms, has received formal confirmation from the Maharashtra Industrial Development Corporation (MIDC) granting an extension to the development timeline for its flagship hotel project in Navi Mumbai.

Strategically located along the Mumbai–Pune Expressway and close to the Navi Mumbai International Airport, DY Patil Stadium, and Atal Setu Trans-Harbour Link, the hotel will consequently enable SAMHI to tap into diverse demand segments.

The upcoming property—proposed to operate under the Westin and Fairfield by Marriott brands (subject to the execution of definitive agreements)—will become SAMHI’s largest hotel by room inventory and will further strengthen its strategy to expand through high-quality, demand-driven assets in strategic gateway markets.

Strategically located along the Mumbai–Pune Expressway and close to the Navi Mumbai International Airport, DY Patil Stadium, and Atal Setu Trans-Harbour Link, the hotel will consequently enable SAMHI to tap into diverse demand segments.

The MIDC extension ensures development certainty and aligns the project timeline with the rapidly evolving commercial ecosystem of Navi Mumbai. By adopting a dual-branded model, SAMHI Hotels will be able to serve multiple customer profiles across aviation, corporate, MICE, sports, entertainment, and leisure segments, thereby maximizing occupancy and revenue potential in one of India’s fastest-growing hospitality markets.

Commenting on the development, Mr. Ashish Jakhanwala, Chairman & Managing Director, SAMHI Hotels Ltd., said, “We are delighted to receive MIDC’s confirmation, which unlocks a transformational opportunity for SAMHI in the Mumbai Metropolitan Region. This development will be a large, marquee addition to our portfolio, with a complementary dual-branded hotel under the Westin and Fairfield by Marriott brands. This positions us to capture the diverse demand segments around the Navi Mumbai International Airport and DY Patil Stadium corridor. By prioritizing Phase 1 at ~400 rooms, we can bring high-quality capacity to market sooner, align with infrastructure timelines, and scale efficiently to the full ~700 rooms thereafter. As our single largest hotel by rooms, it meaningfully advances our scale and strengthens our presence in a critical gateway market. With this SAMHI has covered all key office markets across India.”

SaffronStays strengthens portfolio with new urban premium apartment brand ‘Nivāsa’

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Devendra Parulekar, founder of SaffronStays

SaffronStays has introduced Nivāsa, a new category of premium family apartments, marking the brand’s strategic move into urban hospitality. Tailored for guests who prefer city-based stays with a homelike atmosphere, Nivāsa brings a warm, residential touch to modern urban travel.

The brand has already launched in key locations, including Bangalore, Mussoorie, and Vrindavan, with more destinations in the pipeline.

Devendra Parulekar, the founder of SaffronStays, said, “Nivāsa is our way of bringing the same warmth and character people associate with SaffronStays villas into the heart of India’s busiest cities. This launch is an exciting step into the urban stay space, a curated segment for guests who want more than basic hotels. A comfortable stay in a central neighborhood can make all the difference to how people experience a place, and each house perfectly reflects our approach: thoughtful design, a sense of history, and a connection to the city’s culture. Now, whether guests are foreign travelers, city dwellers, or anyone visiting for business for a few days or months, they’ll find in SaffronStays the same feeling of coming home, no matter the setting.”

Each property carries the brand’s signature focus on design, emotional warmth, and cultural relevance. Moreover, these homes are located in prime neighborhoods that offer quick access to business hubs, heritage attractions, and key conveniences.

The company positions the brand as an ideal choice for NRI families on extended visits, international tourists, travelling professionals, and guests seeking privacy and comfort in centrally located city homes.

This philosophy comes to life uniquely at every Nivāsa address. In Bengaluru, Nivāsa Whitefield caters to urban travellers who want easy airport access while enjoying a spacious 4BHK setting that works well for families or colleagues on both short- and long-term stays.

In Mussoorie, the brand brings mountain charm to city stays with Nivāsa The Crest and Nivāsa The Nook—duplex apartments offering panoramic valley views, perfect for bonfires, barbecues, and evenings close to popular viewpoints like Gun Hill and Lal Tibba.

In Vrindavan, Nivāsa Kridha Niwas and Nivāsa Aaramya Dham place guests near sacred landmarks such as Banke Bihari Mandir and Prem Mandir, offering them a serene and culturally immersive stay. These homes combine spiritual ambience with homely warmth, where temple bells, lively marketplaces, and local delicacies create a richly layered experience.

Toy brand Gubbachhi raises pre-Seed funding from D2C Insider Super Angels

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Pallavi & Abhijith Shetty, co-founders, Gubbachhi

Homegrown toy startup Gubbachhi has secured an undisclosed pre-seed investment from the D2C Insider Super Angels Fund, signaling a promising beginning for the emerging Indian brand.

With the fresh infusion of capital, the company will be able to boost its operations, broaden its toy portfolio, and build a wider parent community that values locally inspired, high-quality educational play products.

Founded in 2023 by Abhijith and Pallavi Shetty, Gubbachhi specializes in designing and producing culturally rooted, India-themed educational toys intended to fuel children’s imagination and curiosity.

The brand’s offerings span puzzles, soft toys, and pretend play sets—all created to celebrate Indian art, storytelling, and values. Gubbachhi currently sells through its own online store, selected e-commerce platforms, and a limited number of offline retail partners.

The investment originates from the D2C Insider Super Angels Fund, an operator-led funding vehicle that backs early-stage consumer brands. The fund includes support from noted entrepreneurs such as Anupam Mittal (Shaadi.com), Kunal Bahl and Rohit Bansal (Titan Capital), and Hitesh Dhingra and Bhisham Bhateja (The Man Company).

With this capital infusion, Gubbachhi plans to roll out new product lines, strengthen its digital presence, and capture growing demand for culturally rich, made-in-India learning toys.

Co-founder Pallavi Shetty said, “Our goal is to bring Indian culture, language, and stories to life through play—creating toys that children love and parents trust.”

Amidst the rapid rise of India’s toy sector, Gubbachhi is emerging as a homegrown contender in a market that has long been dominated by global brands.

RateGain strengthens ties with Royal Orchid & ICONIQA Hotels to deploy Uno Suite across portfolio

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RateGain Travel Technologies Limited (RateGain) has expanded its collaboration with Royal Orchid Hotels, one of India’s fastest-growing hospitality chains, further extending the partnership to include the company’s new luxury and lifestyle brand, ICONIQA Hotels and Resorts. This development represents a major step in elevating guest engagement and revenue generation through next-generation technology.

As the hospitality sector continues to transform, travel-tech innovators and hotel operators are actively shaping the next generation of guest experience and operational excellence through such partnerships. It is also one of RateGain’s largest full-suite technology integrations to date, signaling a broader industry shift toward AI-enabled, unified commercial ecosystems.

As Royal Orchid accelerates its growth strategy — aiming to expand from 123 hotels to more than 250 properties — RateGain’s scalable architecture will play a key role in supporting this expansion while improving profitability across the portfolio. This move reflects a growing trend among hotel operators who are increasingly relying on AI-driven tools to streamline operations, reduce overheads, and deliver sustainable growth.

Arjun Baljee, Founder of ICONIQA and President of Royal Orchid Hotels Ltd., underscored the strategic relevance of this collaboration in building a “future-ready commercial engine” for the group. In parallel, Anurag Jain, Executive Vice President, Revenue (APMEA) at RateGain, highlighted the broader impact of this rollout, stating that it demonstrates the ability of AI to help hotels “unlock revenue through smarter technology.”

As the hospitality sector continues to transform, travel-tech innovators and hotel operators are actively shaping the next generation of guest experience and operational excellence through such partnerships.

 

Radisson Hotel Group surpasses 210 hotel deals in 2025 amid strong worldwide growth

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Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group

With more than 210 signings and openings confirmed already this year, Radisson Hotel Group is steadily progressing toward its ambition of becoming one of the world’s leading hotel companies. The Group’s fast-expanding portfolio reflects evolving traveler preferences while aligning with long-term industry priorities.

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, remarks, “The year so far has seen Radisson Hotel Group succeeding in our pursuit of excellence for customers and owners. Hotel openings have been carefully curated to what business and leisure travelers are seeking in 2025, and we have a very strong pipeline of hotel signings and anticipated openings.”

Across EMEA, Radisson Blu continues to solidify its dominance in the upper-upscale segment, securing landmark developments in France, Germany, Türkiye, and Montenegro. Standout additions include The Medlock at Manchester City’s Etihad Stadium—a forward-thinking reimagining of the stadium hotel experience—and the highly anticipated Radisson Blu CDG Airport Terminal Hotel in Paris, set to open later this year.

France remains a major growth driver for the group’s luxury portfolio, particularly through the Radisson Collection brand. This year saw the opening of Cour des Loges Lyon, A Radisson Collection Hotel, alongside the signing of the historic Banke Opera Paris, which is due to open in 2026. The brand also made its debut in Hungary with the Radisson Collection Hotel, Basilica Budapest, and celebrated the grand reopening of the Radisson Collection Hotel, Berlin—underscoring its continued leadership in heritage-led luxury hospitality.

Radisson RED is also gaining strong traction globally, expanding across the UK, Romania, India, the UAE, and Thailand. The brand recently celebrated a sustainability milestone with the opening of Radisson RED Oslo City Centre, the group’s second verified net-zero hotel. In London, a collaboration with PPHE Hotel Group will bring the brand into the city center, while the partnership’s bold design footprint has also extended to Rome with art’otel Rome Piazza Sallustio.

Radisson Individuals continues its steady ascent, providing owners with adaptability and brand flexibility. Since its 2020 launch, it has expanded past 100 hotels in operation and development. In 2025 alone, the brand grew further across France, Portugal, Germany, Malta, and Kazakhstan, while adding new signings in the UK, Poland, Spain, Greece, Kyrgyzstan, Türkiye, India, and the Philippines. The introduction of three new segments—Premier, Boutique, and Retreats—further enhances its value proposition.

The Radisson brand continues to evolve through sustainability-focused developments and new market entries. Radisson Hotel Manchester City Centre, a verified net-zero hotel, became the brand’s first of its kind, while the portfolio expanded into the Democratic Republic of Congo, Armenia, and Madinah. In the UK, Radisson will serve as the flagship hotel within Oxford United Football Club’s fully electric stadium project. In APAC, momentum is equally strong, with 13 new Radisson openings across India, Indonesia, Thailand, and Vietnam.

Responding to rising global demand for experiential leisure travel, the Group’s resort portfolio now exceeds 160 properties. New signings and openings across Vietnam, Indonesia, Sri Lanka, India, Montenegro, Poland, Romania, Egypt, and Armenia reflect the brand’s strategic focus on premium leisure destinations. Notable highlights include Radisson Hotel Cannes, Radisson Collection The National Hotel, Brussels, Radisson Collection Resort, Galle, and Radisson Collection Resort & Spa, Jaipur.

APAC continues to be a major engine of growth for Radisson Hotel Group. In China alone, 130 hotels have opened or been signed this year, bringing the total pipeline close to 300 hotels. Expansion remains concentrated in the mid- to upper-midscale segment, led by Country Inn & Suites by Radisson, now the fastest-growing brand in China with 375 hotels. Key metropolitan regions, including Wuhan, Beijing, Chongqing, Chengdu, Tianjin, and Shanghai, remain central to the Group’s long-term development strategy.

India is among the Group’s most dynamic markets. Radisson Hotel Group recently crossed a historic milestone of 200 hotels in the country, with more than 130 in operation and over 70 under development. Backed by 59 signings in just 18 months and expansion into 47 new cities, the Group is on track to accelerate toward its goal of 500 hotels in India by 2030.

Looking ahead, Younes adds, “As we look ahead, our goal is clear: delivering meaningful value to our owners, creating memorable experiences for our guests, and driving responsible growth that strengthens communities worldwide.”

Shriram Properties unveils ₹600-Cr housing project in Bengaluru

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Real estate developer Shriram Properties Ltd. has entered into a partnership with a landowner to develop a housing project worth ₹600 crore in Bengaluru.

In a regulatory announcement on Monday, the company said it has executed a Joint Development Agreement for a 7-acre parcel of land located in North Bengaluru. The project will feature premium row houses and carries an estimated Gross Development Value (GDV) of around ₹600 crore. Shriram Properties expects to launch the development in the next financial year.

Commenting on the location advantage, Akshay Murali, Vice President – Business Development, Shriram Properties, said, “Yelahanka’s strong infrastructure growth and proximity to the upcoming biodiversity park make it an exceptional location for premium row houses. We are confident this development will redefine the residential landscape in North Bengaluru.”

Shriram Properties ranks among India’s leading real estate developers and maintains a strong presence across key cities such as Bengaluru, Chennai, Pune, and Kolkata.

It has already completed 48 projects encompassing a saleable area of 28.3 million sq ft.

Furthermore, the company currently maintains a robust development pipeline of 39 projects with a total development potential of 36 million sq ft, of which 19 million sq ft is already under active construction.

Banana Club Raises Record ₹12.25 Crore at ₹245 Crore Valuation

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In a defining moment for India’s fashion and entrepreneurial landscape, Banana Club has officially raised the highest amount ever, which is ₹12.25 crore against a valuation of ₹245 crore, setting a new benchmark on Pitch To Get Rich.

The homegrown omnichannel menswear brand has captured the confidence of investors and audiences alike, standing as a testament to the power of vision, creativity, and youth-driven innovation.

Founded by Neel Bafna and Prashanth Lalwani, Banana Club has rapidly emerged as one of India’s fastest-growing fashion brands. With its focus on high-quality, fast fashion for young India, the brand has built a strong foundation in one of the country’s most aspirational categories, redefining how men experience and express style. Its omnichannel approach, combining digital innovation with exclusive brand outlets, ensures a seamless and elevated shopping experience nationwide. The Brand has 16th Store so far. 

Speaking on this landmark moment, Neel Bafna, Founder of Banana Club, said: “Pitch To Get Rich” was a turning point for us, a moment that validated our belief in building an Indian fashion brand with global ambition, and we are looking forward to offer high quality fashion in Aspirational categories.

Prashanth Lalwani, Founder of Banana Club, said: “Banana Club is a testament to how Indian fashion entrepreneurship is evolving with scale and strategy. The record-breaking funding round marks the beginning of a strong retail expansion roadmap. With multiple new stores in the pipeline and a growing presence both online and offline, Banana Club is not just building a brand, it’s building a movement that represents the rise of modern, Made-in-India fashion businesses ready to compete globally.”

About Banana Club

Banana Club, a premium clothing brand proudly made in Bharat, for Bharat. Our mission is to bring the latest fashion trends to affordable prices, redefining men’s fashion and making it accessible nationwide. We forecast global trends and infuse them into our collections with a unique Indian twist. Our designs stand out as the best in the industry, setting a class apart. With in-house manufacturing capabilities, we meticulously oversee every aspect from sourcing to stitching, ensuring top-notch quality at every step. Backed by a dedicated customer support team, we go the extra mile to delight our community. They got you covered from trendy designs to quality products and exceptional service, making us your one-stop destination for fashion and more. Join us in embracing style that’s trendy, affordable, and accessible to everyone!

IHG Hotels & Resorts to open Holiday Inn Express Siliguri Bagdogra Airport

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Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts

IHG Hotels & Resorts has entered into a management agreement with DC Constructions—the construction arm of Urban Oasis Hospitality—to develop Holiday Inn Express Siliguri Bagdogra Airport. The 100-key greenfield property will open in 2028, strengthening IHG’s presence in Eastern India and expanding the brand’s footprint across key travel corridors.

Situated close to Bagdogra International Airport, the upcoming Holiday Inn Express Siliguri Bagdogra Airport will cater to rising demand from business and transit travelers passing through Siliguri. The city serves as a major commercial hub in West Bengal and a critical gateway to the Eastern Himalayas, Northeast India, and cross-border routes into Nepal, Bangladesh, and Bhutan. As IHG’s largest and fastest-growing brand with more than 3,200 hotels worldwide, Holiday Inn Express focuses on offering simple, smart hospitality that balances comfort with efficiency. Through its Generation 5 design philosophy, the brand continues to modernize guest essentials with flexible workspaces and refreshed interiors suited for both business and leisure stays.

Commenting on the development, Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts, said, “We are delighted to announce the signing of Holiday Inn Express Siliguri Bagdogra Airport, marking another milestone in our expansion across strategic gateway cities in India. This signing exemplifies the growth momentum of our Holiday Inn Express brand in India, which continues to be a top choice for guests seeking consistent, modern comfort and for owners looking for a proven, high-return investment.”

Speaking on behalf of the ownership, Avinash Tiwari, Managing Director, DC Constructions, added, “We are proud to partner with IHG Hotels & Resorts for Holiday Inn Express Siliguri Bagdogra Airport. Siliguri’s growing importance as both a travel hub and commercial destination makes this project particularly exciting for us. This collaboration will not only elevate the city’s hospitality landscape with international standards but also support the local economy by attracting both business and leisure travelers to the region.”

The hotel will join Holiday Inn Express’s existing portfolio of 17 operational properties in India, with an additional 21 already in the development pipeline. IHG currently operates 51 hotels across six brands in the country—including Six Senses, InterContinental Hotels & Resorts®, Crowne Plaza®, voco™ Hotels, Holiday Inn Resort®, and Holiday Inn Express®—with 72 more expected to open over the next three to five years.

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