GoSTOPS Raises Additional $1 Million The freshly infused funds will be utilized to aggressively acquire new budget hotels and rapidly grow its presence across the country
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GoSTOPS has raised an additional $1million bridge round within six months of the last pre-Series A funding.
The freshly infused funds will be utilized to aggressively acquire new budget hotels and rapidly grow its presence across the country.
The company aims to disrupt and grab leading market share in the $12 billion Indian youth leisure travel opportunity. goSTOPS leases and transforms budget hotels and operates them as backpacker hostels. The community and design-led hotel transformation enables the company to harness efficiencies of the shared economy and make high-quality youth-focused stays accessible within a Gen-Z friendly budget of INR 500 per night, said a statement.
"The new bridge funding will allow us to leverage the opportunity presented to us in a post pandemic India to grow to $5 million ARR by June 2022 – that's five times YoY growth through a pandemic. We intend to cater to the exponentially growing market of youth travellers in India, who have stepped out to explore the country after a very stress-inducing two years of the pandemic," said Pallavi Agarwal, founder and CEO of goSTOPS.
"We are extremely happy with the growth that goSTOPS has achieved since our last investment in the company. The strong validation of the product-market fit and business model resilience through the two COVID-19 waves as well as aggressive founders' mindset to capitalise on the "down-time' during the pandemic to pursue unprecedented growth were the key reasons for us to re-invest and lead this round," said K. Chandran, CEO of The Chennai Angels.
goSTOPS is India's fastest growing backpacker hostel brand co-founded by Pallavi Agarwal and Pankaj Parwanda. The company today has a geographical footprint in some of the major tourist spots in the country such as Agra, Alleppey, Amritsar, Bir, Dalhousie, New Delhi, Fort Kochi, Goa, Jaipur, Leh, Manali, Mcleodganj, Mumbai, Munnar, Mussoorie, Naggar, Palampur, Rishikesh, Udaipur, and Varanasi,added the release.
