[Funding alert] Youth hostel chain goStops raises investment from Atraxn Partners
Delhi-based youth hostel chainhas raised undisclosed amount of funding from Atraxn Partners, an angel investor firm headed by Nirmal Singh and Pawan Kumar. Atraxn has invested in startups like Aggrepay, Clarity Communication, , and DYT.
Co-founders of goStops: Pallavi Agarwal and Pankaj Parwanda
Started in 2013 by Pallavi Agarwal and Pankaj Parwanda, goStops leases, manages, franchises real estate assets, which are then designed, transformed, marketed, sold, and operated as youth hostels in business and leisure locations preferred by millennials.
goStops' hostels are equipped with air-conditioned dorms and private rooms, 24x7 café offers facilities like mini theatre, pool table, aesthetically designed work and lounge space, and many activities to socialise and explore a destination with other fellow travelers. About 70 percent of its inventory consists of dormitories, and 30 percent constitutes private rooms.
Currently, the startup operate 13 hostels in Agra, Amritsar, Bir, Dalhousie, Delhi, Jaipur, Jaisalmer, Mumbai, Naggar, Rishikesh, Udaipur, and Varanasi, with a total capacity of 800 beds across India. The company will use the fresh funds to expand its business.
Pallavi Agarwal and Pankaj Parwanda, founders of goStops, stated,
“With the investment from Atraxn Partners along with others, we are hopeful that we would expand our offerings as well as double the bed capacity in the next 12 months.”
Prior to this, TgoStops had raised an undisclosed angel funding in November 2019 from prominent angel investors like Nitish Mittersain (Founder and MD of Nazara Technologies), 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 of South Handlooms), and other senior corporates.