Backpacker hostel brand GoStops, which targets 18- to-35-year-olds looking for affordable accommodation, raised $1 million in July in pre-Series A round led by IAN and Yuj, the family office of Xander Group founder Sid Yog. Bengaluru-based budget hotel chain Treebo Hotels raised $16 million in June in Series D round led by hospitality group Accor.
Demand recovery for the hospitality sector has strengthened after the lockdowns imposed by several states amid the second wave of covid-19 infections, GoStops founder Pankaj Parwanda said.
The world has learned how to deal with covid with a ready playbook that states people tend to travel when the positivity rate is low and stay home when it is high, according to him. This trend is driven by the Gen Z and millennials, who are more mobile than others.
The luxury segment is, on its part, witnessing pent-up travel demand. “Players in this segment are witnessing investor interest as there is immense pent-up demand. As the real estate…