Backpacker hostel brand goSTOPS has raised an additional $1 million bridge round within 6 months of the last pre-series A round concluded earlier this year.
The round was funded by existing investors The Chennai Angels, Mumbai Angels, Yuj Ventures, Lead Angels, 1Crowd, Indian Angel Network, Chandigarh Angels Network along with new angel investors including Rohit Chanana of Sarcha Advisors.
The fresh proceeds will be utilized to acquire new budget hotels and grow its presence across the country.
According to the company’s founder and CEO Pallavi Agarwal, goSTOPS has grown 2.5X Quarter-on-Quarter to ARR of $2.5 million in October 2021 and plans to grow further to $5 million ARR by June 2022.
The Delhi-based hospitality platform is operational across 27 destinations, hosted over 500k guests and currently targeting $12 billion Indian youth leisure travel opportunity.