Zostel, a backpacker hostel chain for young travellers, has received an angel funding of INR 5 crore from Malaysia-based angel investor Presha Paragash.IIM Calcutta graduate Paavan Nanda founded Zostel in August 2013 along with six other friends with an initial capital of Rs. 20 lakh. Zostel is looking to create the European backpacking experience in India but with a local flavour.
Source: Economic Times
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