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Deal Alert: Backpacker hostel chain Zostel raises Rs 5-Cr

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Zostel, a chain of backpacker hostels for young travellers, has raised Rs 5 crore in a first round of funding from Malaysia-based angel investor Presha Paragash. Founded in August last year with an initial capital of Rs 20 lakh, Zostel provides secure and centrally located accommodation to young travelers in dormitories with laundry service, TV, internet, library, board games and other interactive facilities at a competitive price of Rs 500 a night. 

Zostel currently operates in two cities - Jaipur and Jodhpur - with one hostel in each city with 52 beds total capacity. The company plans to setup 7-8 hostels in the next ten months in cities like Delhi, Goa and Agra by taking properties on long term lease. 

 
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