Fidelity Ventures Leads Investment in Pod Inns (Asia)

Source: Greater China Private Equity Review

Fidelity Growth Partners Asia, the venture capital and private equity arm of Fidelity focused on investing in Greater China, has led an investment of roughly US$50 million in Pod Inns, a Hangzhou-based budget hotel chain. China-based venture capital investors Legend Capital and Jianxin Capital, U.S.-based Morgan Creek Capital Management and KTB of South Korea also participated in the financing round, which is Pod Inns’ second. Pod Inns plans to use the new capital, together with a RMB100 million (US$15.8 million) credit facility obtained from the Bank of Hangzhou, to support its expansion plans.