Backpacker Hostel Brand goSTOPS raises $1million led by IAN, Yuj Venture & Others
GoSTOPS, a backpacker hostel brand, announced that it had raised $1 million in a pre-Series A round led by Indian Angel Network (IAN) and Yuj Ventures, the private investing arm of Xander Group founder Sid Yog's family office. This round at IAN was led by KRS Jamwal, Uday Chatterjee, and Mitesh Shah.
The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture, and goSTOPS' existing lead investor 1Crowd also participated in the round.
GoSTOPS aspires to be India's largest and most well-known backpacker hostel brand. Our vision is to make high-quality social stays available to Gen Z travellers wherever their travels may take them.
“This pandemic has challenged lives in an unprecedented manner. Despite that, we saw a robust demand recovery from our young travellers 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 Gen Z travellers," says, Pallavi Agarwal, CEO and Co-founder, goSTOPS.
It will use the funds to aggressively expand the startup's supply over the next 12 months, as well as invest in marketing and technology. It had previously raised funding in a round led by 1Crowd Fund and from angel investors, including Nitish Mittersain, Founder of Nazara Games.
It will use the funds to aggressively expand the startup's supply over the next 12 months, as well as invest in marketing and technology. It had previously raised funding in a round led by 1Crowd Fund and from angel investors, including Nitish Mittersain, Founder of Nazara Games.
GoSTOPS primarily serves the Gen Z demographic. The brand leverages the efficiencies of the shared economy through community and design-led hotel transformation to make a youth-focused stay accessible within a Gen Z-friendly budget of Rs 500 per night.
Since its inception, goSTOPS has hosted over 500,000 guests in its properties across 20 Indian cities.
“We are living in unique times. While work-from-home has evolved into work-from-anywhere for Gen Z, leisure travel also takes on a whole new meaning in the age of restricted travel. We believe goSTOPS has identified an extremely large and promising segment of youth travellers who deserve better value for their money,” says, Padmaja Ruparel, Co-founder of Indian Angel Network.
According to Yuj Ventures, "Pallavi and Pankaj are passionate entrepreneurs who have shepherded their hostel brand through the worst pandemic the world has seen in recent times. We believe that they can rapidly scale goSTOPS to meet the needs and expectations of the aspiring Indian youth, and we look forward to them achieving their entrepreneurial goals."
The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture, and goSTOPS' existing lead investor 1Crowd also participated in the round.
GoSTOPS aspires to be India's largest and most well-known backpacker hostel brand. Our vision is to make high-quality social stays available to Gen Z travellers wherever their travels may take them.
“This pandemic has challenged lives in an unprecedented manner. Despite that, we saw a robust demand recovery from our young travellers 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 Gen Z travellers," says, Pallavi Agarwal, CEO and Co-founder, goSTOPS.
It will use the funds to aggressively expand the startup's supply over the next 12 months, as well as invest in marketing and technology. It had previously raised funding in a round led by 1Crowd Fund and from angel investors, including Nitish Mittersain, Founder of Nazara Games.
It will use the funds to aggressively expand the startup's supply over the next 12 months, as well as invest in marketing and technology. It had previously raised funding in a round led by 1Crowd Fund and from angel investors, including Nitish Mittersain, Founder of Nazara Games.
GoSTOPS primarily serves the Gen Z demographic. The brand leverages the efficiencies of the shared economy through community and design-led hotel transformation to make a youth-focused stay accessible within a Gen Z-friendly budget of Rs 500 per night.
Since its inception, goSTOPS has hosted over 500,000 guests in its properties across 20 Indian cities.
“We are living in unique times. While work-from-home has evolved into work-from-anywhere for Gen Z, leisure travel also takes on a whole new meaning in the age of restricted travel. We believe goSTOPS has identified an extremely large and promising segment of youth travellers who deserve better value for their money,” says, Padmaja Ruparel, Co-founder of Indian Angel Network.
According to Yuj Ventures, "Pallavi and Pankaj are passionate entrepreneurs who have shepherded their hostel brand through the worst pandemic the world has seen in recent times. We believe that they can rapidly scale goSTOPS to meet the needs and expectations of the aspiring Indian youth, and we look forward to them achieving their entrepreneurial goals."
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