Youth-focused travel hostel chain goSTOPS has successfully raised ₹35 crore in a Series A funding round led by Blume Ventures. The round also saw participation from co-lead investor 1Crowd, along with existing investors such as Mumbai Angels, Chennai Angels, Indian Angel Network, Lead Angels, and Yuj Ventures. The fresh capital will be used to scale operations, enhance technology, and improve social and experiential aspects of the hostels.
Key Details
- Funding Amount: ₹35 crore ($4.2 million)
- Lead Investor: Blume Ventures
- Co-Lead Investor: 1Crowd
- Existing Investors Participated: Mumbai Angels, Chennai Angels, Indian Angel Network, Lead Angels, Yuj Ventures
- Expansion Plan: Increase capacity from 2,500 to 10,000 beds across 100 locations within 24 months
- Use of Funds: Strengthen operations, enhance technology, and elevate the social and experiential aspects of hostels
Founder’s Background
goSTOPS was founded by Pallavi Agarwal in 2014. A passionate traveler, Pallavi conceived the idea of youth-centric hostels after a backpacking trip across Europe in 2012, where she observed the popularity of affordable, community-driven accommodations. Identifying a similar demand in India, she launched goSTOPS to offer stylish, social, and budget-friendly stays tailored for young travelers. Co-founder Pankaj Parwanda joined her in this venture, helping scale the brand to over 30 locations nationwide.
Funding Details
The ₹35 crore funding was secured through a Series A round led by Blume Ventures, a well-known early-stage venture capital firm. Co-lead investor 1Crowd, along with other existing investors, also participated, indicating strong confidence in goSTOPS' vision. The fresh capital will enable the brand to expand its footprint by quadrupling its capacity to 10,000 beds across 100 locations. Additionally, the funds will be used to enhance operations, improve technology, and create more engaging and social experiences for young travelers in India.