Leading luxury student accommodation brand The Hive Hostels, operating in over 10 cities across India, has completed a pre-IPO funds round, securing Rs 11.5 crore from investors and notable personalities.
High-profile personalities including Dr Shriram Madhav Nene, Anmol Sood, Sahil Vachani, MD & CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund participated in the funding round.
The round included, among others, prominent angel investors Ritesh Malik, Ankit Mittal and his family office, Sixth Sense Ventures Partners.
IPO launch
The Hive Hostels, known for its luxurious and comfortable hostels designed specifically for students, is preparing for an Initial Public Offering (IPO) scheduled for the second half of next year.
Kyro Capital Private Limited, led by Aman Maheshwari, acted as investment banker to The Hive Hostels during this round.
The company will use the capital raised to develop Aurus, a luxury extension of The Hive Hostels designed to offer even more exclusive and high-end student residences.
Entering a new vertical
In addition to this expansion, The Hive Hostels announced its entry into a new vertical, Hive Campus Living, to 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 on-campus housing, resulting in greater operational efficiency and a better student experience.
The new vertical will leverage The Hive Hostels’ expertise in luxury student accommodation to offer universities a tailored solution that integrates seamlessly with their existing infrastructure.
“We see a huge demand for high-quality student accommodation 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 improving the student experience,” said co-founder Bharat Agarwal.
The company claims it is on track to achieve a revenue milestone of Rs 60 crore for the current fiscal year.
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