New Delhi: The Hive Hostels, specializing in student accommodation, secured Rs 11.5 crore from investors, including Shriram Madhav Nene, to expand its operations. The Hive Hostels announced on Wednesday that it has finished a pre-IPO funding round, obtaining Rs 11.5 crore investment from investors.
Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Anchorage Capital Fund led the investment in this funding round. Both Ritesh Malik, a well-known angel investor, and Ankit Mittal and his family office Sixth Sense Ventures Partners were also involved in the funding round, alongside others.
The Hive Hostels, a provider of student living spaces, is preparing for an upcoming Initial Public Offering (IPO) scheduled for the latter half of the following year. The company stated that the money raised will be used to create Aurus, a luxurious expansion of The Hive Hostels providing even more upscale student accommodations.
Bharat Agarwal and Siddharth Agarwal are the co-founders of The Hive Hostels. Bharat Agarwal stated that there is a significant demand for top-notch student accommodations, and they are dedicated to fulfilling this demand with their creative solutions. Before this round of funding, The Hive Hostels claimed to have been a self-funded and successful business. The company is progressing towards reaching a revenue target of Rs 60 crore in the current fiscal year
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