Funding News

Youth Travel Hostel Startup goStops raises Angel Funding from Atraxn Partners

Full stack youth hostel startup goStops has raised undisclosed amount of capital from Angel Investment firm Atraxn Partners.

Based in New Delhi, goStops is a premium chain of youth hostels catering to the millennials, especially those who fall under the category of backpackers.

Pallavi-Agarwal-and-Pankaj-Parwanda-Founders-of-goStops

Gostops co-founders Pallavi Agarwal and Pankaj Parwanda said that following the latest funding from Atraxn “they are are hopeful that we would expand our offerings as well as double the bed capacity in the next 12 months.”

Atraxn Partners is co-founded by Nirmal Singh & Pawan Kumar.

Commenting on the funding, Nirmal Singh & Pawan Kumar Co-Founders of Wheebox and Managing Partners at Atraxn said, “We are excited to partner in the growth of goStops. The youth traveler market in India is all about excitement and experience. We are sure goStops as a standardized one stop experience for youth travelers is going to bring global and quality experience for its travelersand that is why it stands apart from its contemporaries”

The company was founded in 2012, after Pallavi Agarwal and Pankaj Parwanda’s European vacation help them to experience the awesome hostel culture prevailing across European countries and then began the quest of replicating the same experience in India.

Currently, the New Delhi headquartered startup operates 13 hostels and 800 beds across several Indian cities including Agra, Amritsar, Bir, Dalhousie, Delhi, Jaipur, Jaisalmer, Mumbai, Naggar, Rishikesh, Udaipur, and Varanasi.

The company leases as well as franchises hostels in order to transform and redesign them – transforming from a shabby, substandard rooms into fully air-conditioned rooms.

Additionally, all goStops hostels include 24/7 café mini theatre, pool table and lounge space.  The company last raised funds in November last year, raising undisclosed amount of funds from clutch of angel investors including Nitish Mittersain – founder and MD of Nazara Games.

The company is apparently looking to enact the same success that SoftBank backed Oyo has been able to achieve in the budget hotel space.

 

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