The Hive Hostels Raises Rs 11.5 Crore from Leading Investors in Pre-IPO Funding Round
New Delhi August 28, 2024: The premier luxury student housing brand The Hive Hostels, which operates in over 10 cities across India, has successfully completed a pre-IPO funding round, securing Rs 11.5 crore investments from notable investors and personalities.
This funding round featured participation from high-profile individuals such as Dr. Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund. Prominent angel investor Ritesh Malik and Ankit Mittal and his family office Sixth Sense Ventures Partners also contributed to the funding round, among others.
The Hive Hostels, known for its upscale and comfortable living arrangements tailored specifically for students, is gearing up for an Initial Public Offering (IPO) slated for the second half of next year.
Kyro Capital Private Limited, led by Aman Maheshwari, served as the investment banker for The Hive Hostels during this round.
The funds raised will be channelled into the development of Aurus, a luxury extension of The Hive Hostels designed to offer even more exclusive and high-end student residences.
This expansion underscores The Hive Hostels’ commitment to enhancing the quality of student accommodation and providing premium living experiences.
In addition to this expansion, The Hive Hostels is excited to announce its entry into a new vertical: Hive Campus Living. This innovative initiative will focus on managing in-house hostel operations for universities. By partnering directly with educational institutions, Hive Campus Living aims to streamline and elevate the quality of campus accommodations, leading to greater operational efficiency and an enhanced student experience. This new vertical will leverage The Hive Hostels’ expertise in luxury student housing to offer universities a tailored solution that integrates seamlessly with their existing infrastructure.
Founders Bharat Agarwal and Siddharth Agarwal emphasised their optimism about the future. Bharat Agarwal commented, “We see a huge demand for high-quality student accommodations and are committed to meeting this need with our innovative solutions. Our upcoming IPO and the launch of Hive Campus Living are key steps in expanding our impact and enhancing the student experience.”
Prior to this funding round, The Hive Hostels had been a bootstrapped and profitable enterprise, demonstrating robust financial health and operational efficiency. The company is on track to achieve a revenue milestone of ₹60 crore for the current fiscal year, reflecting its strong market presence and successful business model.
With the backing of high-profile investors and a clear vision for growth, The Hive Hostels is poised to strengthen its market position and continue its trajectory as a leader in luxury student housing.
The success of The Hive Hostels is also a testament to its dedicated founding team — Rohan Gupta, Roshan Bachhawat, Ayush Singh, Kautuk Mishra, Bhavesh Kalal, and Harshit Tyagi, have been instrumental in driving the company’s growth and innovation. Their collective expertise and vision have been pivotal in establishing The Hive Hostels as a leader in luxury student housing. The upcoming IPO represents a significant opportunity for The Hive Hostels to further capitalise on its success, drive future expansion, and revolutionise student accommodation with innovative solutions like Hive Campus Living.