The Hive Hostels Raises Rs 11.5 Cr for Growth

New Delhi, Aug 28 (PTI) The Hive Hostels, which is into student housing, has raised Rs 11.5 crore from investors, including Shriram Madhav Nene, to grow its business.

In a statement on Wednesday, The Hive Hostels said it has "completed a pre-IPO funding round, securing Rs 11.5 crore investment" from investors.

This funding round featured participation from 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, which provides living arrangements for students, is gearing up for an Initial Public Offering (IPO) slated for the second half of next year.

"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," the company said.

The Hive Hostels said it has entered into a new vertical: Hive Campus Living.

This new vertical 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.

The Hive Hostels has two founders -- Bharat Agarwal and Siddharth Agarwal.

Bharat Agarwal said, "We see a huge demand for high-quality student accommodations and are committed to meeting this need with our innovative solutions."

Prior to this funding round, The Hive Hostels said it had been a bootstrapped and profitable enterprise.

The company is on track to achieve a revenue milestone of Rs 60 crore for the current fiscal year.