New Delhi: Budget hospitality firm Zostel, which initially set aside its expansion plans due to the COVID-19 disruption that shook the hospitality industry, announced that it would be getting big on hyper-local domestic travel.
As reported by Economic Times, Dharamveer Singh Chouhan, CEO & Co-founder, said that the chain plans to open 500 new properties over the coming two years, which will be a mix of hostels, homestays, and new products worth Rs 2,500 crore.
Zostel presently has over 60 properties that are a mix of hostels and homestays, and the company plans to raise Rs 10 crore in a funding round from the market.
Chouhan said that there were more than 4k unique individuals who either wanted to invest or offer their properties.
He added, “We are just connecting everybody together so that the whole system works. We are analyzing land banks across the country where vacation homes and hostels could be created.”