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Economic Times
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Backpacker hostel chain The Hosteller raises Rs 48 crore in round led by V3 Ventures
- Backpacker hostel chain The Hosteller has raised Rs 48 crores in funds to expand its footprint across India, led by V3 Ventures in a mixed equity and debt deal.
- The round also saw participation from Synergy Capital Partners, Unit-e Consulting LLP, Real Time Angel Fund (Climber Capital), Ice VC, as well as angel investors like Harsh Shah and The Souled Store founder Vedang Patel.
- Founder Pranav Dangi states that 90% of the funding will go into property expansion while the remaining will cater towards customer acquisition and that plans are to go from 2,500 beds today to 10,000 beds in the next 15 to 18 months.
- The company aims to expand its presence in cities like Odisha, West Bengal, and the northeast while deepening its presence in existing Tier-1 cities such as Delhi, Mumbai, Bangalore, Goa, and Jaipur.
- The Hosteller has a revenue of Rs 55 crores for the fiscal year ending March 2024 and targets overall revenue of Rs 100 crores in the current fiscal year.
- Arjun Vaidya, cofounder of V3 Ventures, said the change in the way GenZ travels is from saving up for one yearly holiday to travelling every long weekend, which The Hosteller aims to fulfil.
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