The Hosteller, backpacker hostel chains, has announced that it has secured $1 million in FAO ventures and CA Holding LLP led funding round. Investors including SUNiCON Ventures, Jito Angel network, Shubhkam Ventures, and FAAD Network also participated in the latest round.
Speaking on the announcement, Pranav Dangi, Founder – Hosteller, commented, “People are looking for more experience-driven stays that are pocket-friendly, safe, and comfortable rather than just luxury when it comes to their vacations. The Hosteller was founded with the aim of creating lasting memories for everyone looking for more than just a vacation in India. The fresh capital infusion will help us reach new heights and we are happy to have marquee investors backing us in our journey.”
Farooq A Oomerbhoy, Founder at FAO ventures, said, “We were glad to lead the round for The Hosteller, which has demonstrated a very good understanding of the space and created a recognisable brand with excellent unit economics, giving us the confidence that they can become a dominant player in the Indian hospitality landscape and even move outside the country in due time.”
He further added, “Instead of being a pure-play aggregator like some of the larger players, The Hosteller has created a model backed by consistent quality and value-added services delivered at a price accessible to the larger population of India.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.