9th, December, 2021: Rapidly expanding backpacker hostel brand, goSTOPS, has raised an additional USD 1 mn bridge round within 6 months of the last million dollar Pre-Series-A round concluded earlier this year in June. Showing continued commitment, existing investors participated in this round, namely Mumbai Angels Network, The Chennai Angels, Yuj Ventures, Lead Angels, 1Crowd, Indian Angel Network along with new investors including Rohit Chanana of Sarcha Advisors. The additional bridge round will help the Company accelerate growth further given the strong tailwinds in youth leisure travel till it concludes its Series-A by June’22. The freshly infused funds will be utilized to aggressively acquire new budget hotels and rapidly grow its presence across the country. This move is in line with the renewed and rapid demand for strong post-COVID leisure travel that the youth are embarking on. The Company aims to disrupt and grab leading market share in the USD 12 bn Indian youth leisure travel opportunities. goSTOPS leases and transforms budget hotels and operates them as backpacker hostels. The community and design-led hotel transformation enables the company to harness efficiencies of the shared economy and make high-quality youth-focused stays accessible within a Gen-Z friendly budget of INR 500 per night. |
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