The Hive Hostels Secures Rs 11.5 Crore for Expansion

The Hive Hostels has raised Rs 11.5 crore from various investors, including Shriram Madhav Nene, to expand its student housing business. The funds will be used for the development of Aurus, a luxury extension, and to manage in-house hostel operations for universities through a new vertical, Hive Campus Living.

The Hive Hostels, a leading player in student housing, has successfully raised Rs 11.5 crore from investors, including notable names like Shriram Madhav Nene, to expand its operations.

As announced in a statement on Wednesday, the company completed a pre-IPO funding round with contributions from investors like Anmol Sood, Sahil Vachani, and Anchorage Capital Fund, among others. This funding round positions The Hive Hostels for an ambitious Initial Public Offering (IPO) scheduled for the second half of next year.

The newly acquired funds are earmarked for the development of Aurus, a luxury extension designed to offer high-end student residences. Additionally, The Hive Hostels has ventured into a new vertical, Hive Campus Living, aimed at managing in-house hostel operations for universities. Founders Bharat Agarwal and Siddharth Agarwal are optimistic, citing the rising demand for quality student accommodations as a driving force behind their innovative solutions.

(With inputs from agencies.)