The Hive Hostels to Invest Rs 10 Crore to Add 3,000 Beds

Bengaluru / September 11, 2024: The Hive Hostels, a premium student accommodation provider, 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, a property management software platform, to fully digitalize its business operations, financial systems, and management processes. This partnership aims to enhance The Hive Hostels’ operational efficiency as the company prepares for its upcoming IPO.

With a presence in over 10 cities across India, The Hive Hostels operates 20 properties with more than 5,000 beds. The company recently completed a successful pre-IPO funding round, raising Rs 11.5 crore. The company plans to go public in the second half of next year.

Meanwhile, The Hive Hostels launched its latest offering Aurus – Luxury Student Residences. This new venture, initially launching with 450 beds. The Hive Hostels plans to expand Aurus by an additional 1,000 beds in the upcoming session.

The Hive Hostels has also onboarded Crib Property Solutions to provide technology support for managing and operating its properties. Crib is backed by some of the biggest names in the industry like that of Kunal Shah, Vijay Shekhar Sharma and Ghazal Alagh. Crib Property works with over 2,000 co-living operators and hostels owners across India. These 2,000 landlords oversee 4,000+ properties, which are a home to 200,000 beds and generate a rental income exceeding Rs 3,000 crores annually.

Shaifali Jain, Co-Founder & CPO of Crib, expressed her enthusiasm about the partnership, stating, “We started Crib for companies like The Hive Hostels, which represent the future of co-living and student housing in India. Our mission is to allow operators to focus on delivering top-notch real estate and hospitality experiences while we manage the rest.”

Rohan Gupta, Chief Marketing Officer of The Hive Hostels, commented on the partnership, saying, “Our collaboration with Crib is a game-changer. Their innovative technology aligns perfectly with our vision for excellence. The launch of Aurus – Luxury Student Residences, supported by Crib’s platform, positions us to set new benchmarks in luxury student living and operational efficiency.”