Lemon Tree, headquartered in New Delhi, India, is a mid-market hotel company with two main hotel brands, Lemon Tree and Red Fox. Lemon Tree targets business travelers looking for a high-quality product and efficient service at a moderate price. Red Fox targets the budget-conscious business and leisure traveler by offering safe, clean, comfortable and reliable limited service hotel rooms. Warburg Pincus made its initial investment in Lemon Tree in 2006. Since then, the company has grown to become one of the largest owner and operator of mid-market hotel rooms in India.