1. Skip to navigation
  2. Skip to content



press room

Matrix Partners India invests USD 10 M in Siesta Hospitality

Mumbai, India, October 28, 2009 Matrix Partners India today announced that it has invested $10 million as the sole investor in the first institutional round of funding of Siesta Hospitality Services Limited. Siesta Hospitality was promoted by Ashok Chattaraj with a vision to redefine the concept of transit apartments for corporates in India. The company’s success in the hospitality space has been stimulated by providing complete, integrated and customized services to its corporate clients, in setting up corporate accommodation at preferred client locations and fitting out residences with amenities based on client’s choice and budgets. The company is currently managing over 500 rooms in more than 14 cities and its clientele include some of India’s leading corporations. With the completion of this financing, Rishi Navani, Co–founder & Managing Director of Matrix India, will join the board of Siesta Hospitality Services Limited. Mr. Anup Gupta, previously Managing Director and Board Member, Unilever International will also join the board of the company. “Every company in India who runs a guest house of their own or uses any serviced apartment or hotel accommodation mandatorily needs the services of Siesta Hospitality. Matrix Partners India, as the name connotes, provides to an entrepreneur the ideal metrics of growth by looking at the business from the promoter’s viewpoint. They have a driven, entrepreneurial team and a synergistic relationship will pave a path for exponential growth of any enterprise.” said Ashok Chattaraj, Chairman and Managing Director, Siesta Hospitality Services Limited. "Siesta Hospitality has an innovative business model to address the hospitality needs of corporations. We have been impressed by the passion and ambition to build a large business demonstrated by Ashok Chattaraj. We look forward to being his partner in realizing his ambitions.” said Rishi Navani, Co–founder & Managing Director, Matrix India. About Siesta Hospitality Services Limited: Siesta Hospitality Services Limited was incorporated in the year 2005 with a vision to redefine the concept of transit apartments for corporates in India. All the comforts of a plush room interiors and services which are mandated for a comfortable and homely stay are serviced in house by the company. Siesta pioneers in propagating the term “Corporate Residences” for its clients, by providing them standardized services on a Pan India basis. The Siesta model is cost effective and transparent and ensures that for the period of association the client is completely insulated against risks of availability and inflation, for a fixed fee is worked out depending on the client requirements. The company is currently managing over 500 rooms in more than 14 cities and its clientele include some of India’s leading corporations. Further information is available at www.siestaindia.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 1,500 crores under management. The firm invests in companies targeting the Indian domestic market with a sector independent investment strategy focused on generating exceptional returns. The firm invests up to INR 125 crores in a company depending on its stage of development and has invested in several companies including FIITJEE, Itzcash Card, Siesta Hospitality and Tree House. The Mauritius fund’s investors include leading university endowments and family foundations. Matrix Partners has a global network of funds investing in the US, China and India with $2 billion under management. Further information is available at www.matrixpartners.in

Press Inquiries

pressindia@matrixpartners.com
+91 22 6768 0000