The Hosteller, a startup that runs backpacker hostel chains, has acquired $1 million in a pre-Series A round headed by FAO Ventures and CA Holding LLP. SUNiCON Ventures, Shubhkam Ventures, Jito Angel Network, and FAAD Network are among those who have participated.
The funding will be used to increase the number of dormitories from 12 to 50, according to the New Delhi-based startup. The brand also hopes to raise $10 million as part of its Series A round in order to grow its impact in India and Southeast Asia.
The Hosteller, founded by Pranav Dangi and Sumit Mishra, is a one-of-a-kind brand of backpacker hostels that provides immersive but inexpensive and excellent housing. The brand says that its hostels include a variety of amenities, such as shared dorms, decked common areas, a bonfire or activity area, a bar and café, laundry services, visa assistance, and a travel desk, among others, with support accessible 24 hours a day, seven days a week.
