EvoluteIQ and The Hosteller have raised new funds to grow their businesses in automation and travel.
EvoluteIQ, a business automation platform, raised $20 million in funding. This round included equity and debt. Round2 Capital led the round, joined by Nordea Growth Fund, DCAP Select, and PH Ventures. The funds will help EvoluteIQ improve its AI platform and expand globally.
Founded in 2019 by Sameet Gupte, EvoluteIQ offers a low-code/no-code platform. It combines AI, process automation, RPA, and app development. The platform helps companies with digital transformation, cuts costs, and boosts productivity. It is used in Healthcare, Banking, and Insurance. EvoluteIQ has seen steady growth in annual recurring revenue (ARR).
The Hosteller, a chain of backpacker hostels, raised ₹48 crore in its Series A round. V3 Ventures led the funding with ₹32 crore in equity. Blacksoil added ₹16 crore in debt. Other investors were Synergy Capital Partners, Real Time Angel Fund (Climber Capital), and Ice VC.
The funds will help The Hosteller grow in India. The company plans to expand in Rishikesh, Manali, Bengaluru, and Delhi. It will also add new locations. The goal is to increase from 2,500 beds to 10,000 beds by March 2026. The Hosteller was founded in 2014 by Pranav Dangi. It offers affordable, quality stays for GenZ and millennials. The company runs over 50 hostels in India. It competes with goSTOPS and Wudstay.