VC Fund Investments
Backpacker hostel chain goSTOPS bags $4.2 M led by Blume Ventures
Delhi-based backpacker hostel startup goSTOPS has attracted INR 35 crore (around USD 4.2 million) as a part of its Series A funding round led by Blume Ventures. The round also saw participation from 1Crowd, along with existing investors Mumbai Angels, Chennai Angels, Indian Angel Network, Lead Angels and Yuj Ventures. While Blume infused INR 25 crore, the rest came from other investors.The startup plans to use the fresh capital to scale up its current capacity from 2,500 to 10,000 beds across 100 locations in the next two years. The proceeds would also be deployed to strengthen its operations, enhance technology and elevate the social and experiential aspects of properties.Founded in 2012 by Pankaj Parwanda and Pallavi Agarwal, goSTOPS leases, manages and sets up franchisees of its real estate assets, which are then designed, transformed, marketed, sold, and operated as youth hostels across 29 destinations.
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