The youth travel hostel company goSTOPS has raised Rs 35 crore ($4.2 million) in its Series A round, which was co-led by 1Crowd and led by Blume Ventures. The round also included participation from Yuj Ventures, Lead Angels, Indian Angel Network, Chennai Angels, and Mumbai Angels.
Earlier in December 2021, goSTOPS raised $1 million in a bridge round that was financed by Yuj Ventures, Mumbai Angels, and Chennai Angels, among other current investors.
Strengthening operations, improving technology, and enhancing the social and experiential elements of its current properties are all planned uses for the proceeds.
In order to increase its cash reserves for the growth of the brand, the company is also concluding debt partnerships.
Pallavi Agarwal and Pankaj Parwanda founded goSTOPS, which provides the younger generation with lively, social, and design-driven spaces. In the next 24 months, the Delhi-based company plans to achieve 4X growth by increasing its capacity from 2,500 to 10,000 beds across 100 locations.
70% of young travelers now choose hostels over conventional hotels, according to market research, highlighting the category’s rising popularity.
Backpackers Panda, Wudstay, and The Hosteller are some of the competitors of goSTOPS. The Hosteller raised $5.7 million in its Series A round in November 2024.
