Angel Investments
Backpacker hostel chain The Hosteller raises $4-M
Mumbai-headquartered The Hosteller , which operates a chain of experiential and budget-friendly hostels, has closed INR 32 crore (about USD 4 million) in its latest Series A funding round. Of the sum raised, INR 22 crore was contributed by V Cube Ventures. Other contributors include LetsVenture Angel Fund, AngelList, Merlin Marketing and 14 angel investors.The Hosteller would issue 10 equity shares and 64,281 Series A compulsorily convertible preference shares (CCPS) at INR 4977.5 each to investors. Post-allotment, the company is valued at about INR 182 crore (USD 22 million).Post the new funding round, V Cube Ventures will hold 15% stake. LetsVenture has 3.45% stake, while Pranav Dangi, founder and CEO, and his family retain 35.28% stake in the firm.Incorporated in the year 2014, The Hosteller, for the fiscal ending March 2024, rattained an INR 55 crore top line with a net profit of INR 4 crore. The Hosteller had closed its USD 1 million seed round in 2021.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
