The Hosteller raises USD 1 million in a funding round led by FAO ventures & CA Holding LLP. With the freshly infused capital, the hostel chain plans to grow the number of hostels from 12 hostels to 50. The brand further seeks to raise USD 10 million as a part of their Series A round to expand its footprint further in India & Southeast Asia. “The fresh capital infusion will help us reach new heights and we are happy to have marquee investors backing us in our journey. People are looking for more experience-driven stays that are pocket-friendly, safe and comfortable rather than just luxury when it comes to their vacations. The Hosteller was founded with the aim of creating lasting memories for everyone looking for more than just a vacation in India,” said Pranav Dangi, Founder of Hosteller. The round also saw the participation of other marquee investors such as SUNiCON Ventures, Shubhkam Ventures, Jito Angel network and FAAD Network.
