The Hosteller, a backpacker hostel chains startup, has raised $1 million in its pre-Series A round led by FAO Ventures and CA Holding LLP. SUNiCON Ventures, Shubhkam Ventures, Jito Angel network and FAAD Network have also participated.
According to the New Delhi-based startup, the funds will be used to ramp up its 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 and southeast Asia.
Founded by Pranav Dangi and Sumit Mishra, The Hosteller is a one-of-a-kind chain of backpacker hostels that offers experiential yet affordable and quality lodging.
The brand claims that its hostels are equipped with multiple facilities such as shared dormitories, decked common spaces, bonfire or an activity area, bar and cafe, laundry services, visa assistance, and a travel desk, among others, with the assistance being available to travellers 24×7.
The Hosteller directly competes with goSTOPS.