Backpacker Hostel Startup goSTOPS Raises $1M Funding In Pre-Series A Round Led By IAN, Yuj Ventures
- ByStartupStory | July 8, 2021
goSTOPS, Backpacker hostel brand raised $1 million funding in a pre-Series A round led by Indian Angel Network (IAN) and Yuj Ventures the private investing arm of the family office of Xander Group founder Sid Yog. KRS Jamwal, Uday Chatterjee, and Mitesh Shah led this round at IAN. The round also saw an involvement of The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture, and goSTOPS’ existing lead investor 1Crowd. goSTOPS offers services primarily to the Gen Z population. With community and design-led hotel transformation, the brand harnesses the efficiencies of the shared economy to make a youth-focused stay accessible within a Gen Z friendly budget of Rs 500 per night. goStops operates nearly 20 destinations in India, goSTOPS has welcomed over 500,000 guests in its properties since its inception.
Pallavi Agarwal, CEO and Co-founder, goSTOPS, speaking about development, “This pandemic has challenged lives in an unprecedented manner. Despite that, we saw a robust demand recovery from our young travellers post the first wave, and the same is happening today. This has helped us validate strong market-need fundamentals and business model resilience. This is also an opportune time for us to aggressively expand supply across the country to cater to the needs of the ever-increasing number of Gen Z travelers.” Padmaja Ruparel, Co-founder of Indian Angel Network, said, “We are living in unique times. While work-from-home has evolved into work-from-anywhere for Gen Z, leisure travel also takes on a whole new meaning in the age of restricted travel. We believe goSTOPS has identified an extremely large and promising segment of youth travellers who deserve better value for their money.”
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