Backpacker hostel brand goSTOPSraises USD 1 million in Pre-Series A roundled by Indian Angel Networkand family office of Xander Group founder Sid Yog
The freshly infused funds will be used to grow the company’s supply over the next 12 months and investin marketing and technology.
8th July, 2021: Backpacker hostel brand goSTOPS has raised USD 1 million in its Pre-Series A round led by Indian Angel Network (IAN) and Yuj, an investing arm of the family office of Xander Group founder Sid Yog. The round also saw participation from The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture as well as goSTOPS’ existing lead investor 1Crowd. KRS Jamwal, Uday Chatterjee and Mitesh Shah led this round at IAN.
goSTOPS caters primarily to the GenZ population. With community and design-led hotel transformation, the brand harnesses the efficiencies of the shared economy to make a high-quality youth-focused stay accessible within a GenZ friendly budget of INR 500 per night. Operating across 20 destinations in India, goSTOPS has hosted over 500K guests in its properties since its inception.
Speaking on the capital infusion, Pallavi Agarwal, CEO & Co-Founder of goSTOPS said, “We are thrilled to have great investors backing us in our quest to make youth travel accessible, safe and fun. This pandemic has challenged lives in an unprecedented manner. Despite that, we saw a robust demand recovery from our young travelers post the first wave, and the same is happening today. This has helped us validate strong market-need fundamentals and business model resilience. This is also an opportune time for us to aggressively expand supply across the country to cater to the needs of the ever-increasing number of GenZ travelers."
Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels Network said, “Post-pandemic travel is drastically different than what it was during the pre-pandemic times. There has also been an uptick in demand from young travelers who prefer to be digital nomads and are constantly on the lookout for brands offering a unique travel experience. goSTOPS has been committed to offering affordable yet one-of-a-kind experiences to the youth and we believe that this collective investment will help the brand scale up and cater better to the growing demand and needs of youth travelers.”
In the same vein, Sid Yog, Founder of Xander Group and Yuj, shared, “The travel and hospitality industry is witnessing a watershed moment, and youth travel is emerging as a frontrunner in the segment. We are excited to partner with goSTOPS as they grow their offering to match a burgeoning demand, and deliver a high-quality stay brand focused on needs and aspirations of the youth.”