Backpacker hostel startup goSTOPS will use the funds to grow the company’s supply over the next 12 months and invest in marketing and technology.
Backpacker hostel brand goSTOPS on Thursday said it raised $1 million in a pre-Series A round led by Indian Angel Network (IAN) and Yuj Ventures — the private investing arm of the family office of Xander Group founder Sid Yog. KRS Jamwal, Uday Chatterjee, and Mitesh Shah led this round at IAN.
The round also saw participation from The Chennai Angels, Chandigarh Angels, Lead Angels, Mumbai Angels Network, LetsVenture, and goSTOPS’ existing lead investor 1Crowd.
Speaking on the development., Pallavi Agarwal, CEO and Co-founder, goSTOPS, said,
“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.”