Student housing provider The Hive Hostels raises ₹11.5 crore in pre-IPO funding round
The Hive Hostels has raised ₹11.5 crore from investors, including Shriram Madhav Nene, who is Bollywood actor Madhuri Dixit’s husband
Student housing operator, The Hive Hostels, has raised ₹11.5 crore from investors, including Shriram Madhav Nene, who is Bollywood actor Madhuri Dixit’s husband and a doctor by profession.
The Hive Hostels said it has "completed a pre-IPO funding round, securing ₹11.5 crore investment" from investors.
The pre-IPO fundraising round saw participation from marquee investors including serial venture investor Ritesh Malik, Shriram Madhav Nene, MD and CEO of Max Estates Sahil Vachani, Ankit Mittal and his family office Sixth Sense Ventures Partners, Anmol Sood and Rohit Kothari-backed Anchorage Capital Fund, among others, the company said.
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According to the company statement, Kyro Capital Private Limited led by Aman Maheshwari, served as the investment banker for The Hive Hostels during this round.
The Hive Hostels is gearing up for an Initial Public Offering (IPO) slated for the back half of 2025.
Funds raised to be channeled towards extension of the brand
According to the company, the funds raised will be channeled towards the development of Aurus, the luxury extension of the brand, designed to offer exclusive and high-end student residences.
{{/usCountry}}According to the company, the funds raised will be channeled towards the development of Aurus, the luxury extension of the brand, designed to offer exclusive and high-end student residences.
{{/usCountry}}The company also announced its entry into a new vertical - Hive Campus Living - which will focus on managing in-house hostel operations for universities.
{{/usCountry}}The company also announced its entry into a new vertical - Hive Campus Living - which will focus on managing in-house hostel operations for universities.
{{/usCountry}}Also Read: Smartworks raises ₹168 crore in funding round from a consortium of investors including Keppel Ltd
{{/usCountry}}Also Read: Smartworks raises ₹168 crore in funding round from a consortium of investors including Keppel Ltd
{{/usCountry}}Founded by Bharat Agarwal and Siddharth Agarwal in 2019, The Hive Hostels has expanded its presence to over 10 cities today, including Mumbai, Delhi, Ahmedabad and Bengaluru with 20 properties.
{{/usCountry}}Founded by Bharat Agarwal and Siddharth Agarwal in 2019, The Hive Hostels has expanded its presence to over 10 cities today, including Mumbai, Delhi, Ahmedabad and Bengaluru with 20 properties.
{{/usCountry}}"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 Bharat Agarwal.
{{/usCountry}}"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 Bharat Agarwal.
{{/usCountry}}Also Read: Co-working firm Incuspaze bags $8 million from India Inflection Opportunity Fund, others
Prior to this funding round, The Hive Hostels was a bootstrapped and profitable enterprise. The company is on track to achieve a revenue of ₹60 crore in the ongoing fiscal year, the statement said.
The Hive is a Mumbai-based, luxury student housing brand. It has a presence in Delhi, Mumbai, Indore, Dehradun, Bengaluru, Noida, Greater Noida, Ahmedabad and Jaipur.
