The Hive Hostels to Invest Rs 10cr, Add 3K Beds by March

New Delhi, Sep 11 (PTI) The Hive Hostels, which is into student housing, will invest Rs 10 crore to add 3,000 beds by the end of this fiscal and has tied up with Crib Property Solutions to provide technology support to manage its co-living centres.

With a presence in over 10 cities across India, The Hive Hostels currently operates 20 properties with more than 5,000 beds.

Last month, The Hive Hostels raised Rs 11.5 crore from investors, including Shriram Madhav Nene, to grow its business. The company expects to achieve a revenue of Rs 60 crore in the current fiscal year.

In a statement on Wednesday, The Hive Hostels said that it "plans to add 3,000 beds by the end of Financial Year (FY) 2025 with an investment of Rs 10 crore".

The company has also onboarded Crib to fully digitalise its business operations, financial systems and management processes, it added.

Crib, backed by prominent investors like Kunal Shah, Vijay Shekhar Sharma and Ghazal Alagh, currently works with over 2,000 co-living operators and hostel owners across India.