The Hive Hostels raises Rs 11.5 crore in pre-IPO funding round

The premier luxury student housing brand The Hive Hostels, which operates in over 10 cities across India, has completed a pre-IPO funding round, securing Rs 11.5 crore from notable investors and personalities.

The funding round saw participation from high-profile individuals such as Dr. Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund.

Prominent angel investors Ritesh Malik, Ankit Mittal, and his family office, Sixth Sense Ventures Partners, participated in the round, among others.

IPO launch

The Hive Hostels, known for its upscale and comfortable living arrangements tailored specifically for students, is gearing up for an Initial Public Offering (IPO) slated for the second half of next year.

Kyro Capital Private Limited, led by Aman Maheshwari, served as the investment banker for The Hive Hostels during this round.

The company will use the raised capital for the development of Aurus, a luxury extension of The Hive Hostels designed to offer even more exclusive and high-end student residences.

Entering into 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 campus accommodations, leading to greater operational efficiency and an enhanced student experience. 

The new vertical will leverage The Hive Hostels' expertise in luxury student housing to offer universities a tailored solution that integrates seamlessly with their existing infrastructure.

"We see a huge demand for high-quality student accommodations 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 enhancing the student experience," said co-founder Bharat Agarwal.

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