Backpacker Hostel Chain, The Hostller raises $1 million in pre-series A round of funding

• ByStartupStory     |    November 2, 2021

One of its fastest growing chains of hostels, The Hosteller rose $1 million in pre-series A funding round led by FAO Ventures and CA Holding LLP. The round of funding also saw participation from various other investors such as SUNiCON Ventures, Shubhkam Ventures, Jito Angel network and FAAD Network.

The funds thus procured would be utilized for international expansion and growth. The hostel chain aims to increase the number of hostels from 12 to 50 thus establishing a strong hold in the south-east Asian market.

When asked about his views on the latest round of funding, the founder of Hosteller, Pranav Dangi, said, “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.”

Founded in 2014 by Mr. Pranav Dangi, the Hosteller is a unique chain of hostels which provides an ideal pit stop for international and domestic backpackers. It offers affordable and quality lodging facilities to its clients with various adventurous activities.

The Founder of FAO Ventures, Farooq A Oomerbhoy expressed his delight by stating, “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.”

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