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The Hosteller a backpacker hostel chains has raised $1 million in a funding round led by FAO ventures & CA Holding LLP. The round also saw the participation of other investors such as SUNiCON Ventures, Shubhkam Ventures, Jito Angel network and FAAD Network. With the freshly infused capital, The Hosteller plans to grow the number of hostels from 12 hostels to 50.
The brand further seeks to raise $10 million as a part of its Series A round to expand its footprint further in India & Southeast Asia.
Commenting on the latest fundraise, Pranav Dangi, Founder of Hosteller, said, “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.”
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