[Funding alert] Youth travel hostel startup goStops raises undisclosed fund from Nazara Games' founder, angel investors
Delhi-based startup goStops, a premium chain of youth traveller hostels, has raised an undisclosed amount of funds in its initial funding round from angel investors.
These include Nitish Mittersain (Founder and MD of Nazara Games), Sorabh Agarwal (Ex-MD at Copal Partners), Sameer Walia (Founder and ex-MD at The Smart Cube), Rohit Shankar (Co-Founder of Dimdim.com), Sunil Kumar Singhvi (Owner at South Handlooms), and other senior corporate executives.
Pallavi Agarwal, Co-founder and CEO, goStops, said,
“Currently, short-stay options (hotels, guest houses etc) available within the budget of the youths are of poor, unpredictable quality, and not youth-friendly. We aim to solve this problem by offering traveller hostels which are of high-quality, affordable, social, and experiential.”
With this funding, goStops will expand its presence across the country by doubling its bed capacity in the next one year. At present, it is present in 13 cities with about 800 beds capacity.
It will also utilise the funds raised to enhance its product offerings through investments in technology and training, add new revenue streams, strengthen its marketing, and build a team to handle the next phase of growth.
The company leases, manages, and franchises real estate assets to design, transform, market, sell, and operate youth hostels under its brand in locations where the youth travels for business or leisure.
goStops' hostels are equipped with basic services like beds in air-conditioned dorms and private rooms, 24x7 security, 24x7 front desk, 24x7 café, etc. Apart from the usual, the hostels also offer facilities like mini theatre, foosball, pool table, aesthetically designed work and lounge space, etc., in the common areas and many activities to socialise and explore a destination with other fellow travellers.
"Growing number of youth prefer community living (fostering growth of co-living and co-working) and they are willing to share rooms and facilities for greater quality accommodation. Thus, goStops plans to cater to the rapidly growing aspirational demands of the youth in this category,” the founder added.
(Edited by Suman Singh)