The Hive Hostels to Invest Rs 10cr, Add 3K Beds by March
By Rediff Money Desk, New Delhi Sep 11, 2024 17:41
The Hive Hostels plans to invest Rs 10 crore to add 3,000 beds by March 2025, expanding its student housing presence across India.
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.
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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 13.14 ( -2.88)
- 33337289
- GACM Technologies
- 1.59 (+ 2.58)
- 31438119
- YES Bank Ltd.
- 23.83 (+ 3.70)
- 28312544
- GTL Infrastructure
- 2.61 (+ 4.82)
- 27648993
- Rajnish Wellness
- 3.45 ( -3.36)
- 16876969
MORE NEWS
![DVC Secures...](https://im.rediff.com/80-80/money/2019/jan/18power.jpg)
DVC Secures Funding for Koderma Thermal Power...
Damodar Valley Corporation (DVC) has secured Rs 10,050.42 crore loan from SBI for its...
![GST Council's...](https://im.rediff.com/80-80/money/2018/sep/04aviation.jpg)
GST Council's Decision on Foreign Airlines Tax:...
IATA, representing global airlines, welcomes the GST Council's decision to exempt...
![Shyam Metalics...](https://im.rediff.com/80-80/money/2023/mar/07metal.jpg)
Shyam Metalics Targets Rs 40,000 Cr Revenue by...
Shyam Metalics and Energy aims for Rs 40,000 crore revenue by FY29, fueled by...