capital 2021-09-02

Zo World Secures EUR 15 Mn Capital From GEM Group

The proceeds will continue towards building the next face of modern travel in a remote-first world, living, and working from anywhere

By Content Writer
Zo World Secures EUR 15 Mn Capital From GEM Group

Zo World Limited, a travel startup that is building a decentralized travel marketplace, announced on Wednesday that it had signed an agreement with GEM Global Yield LLC SCS (GEM), a Luxembourg-based private alternative investment group, for a EUR 15 million capital commitment.

The brand, a new, independent entity, is a partner of Zostel, a community-led, experience-driven ecosystem – India’s largest chain of backpacker hostels. Two of Zostel’s founders lead Zo World and come with extensive experience in building and scaling travel and accommodation companies in the region.

Under the agreement, GEM will provide Zo World with a share subscription facility of up to EUR 15 million for a 36-month term following the public listing of the company shares on European or other Global National Stock Exchanges. Zo World will control the timing and maximum amount of drawdown under the facility and has no minimum drawdown obligation. In addition, concurrent to the public listing of Zo World Shares, GEM will receive warrants to purchase shares of the company.

Subject to the funding becoming available, the proceeds will continue towards building the next face of modern travel in a remote-first world, living, and working from anywhere. Using Zo World’s mobile applications and knowledgebase, local hosts across the globe are building local travel economies for hosting travelers safely.

The Zo Travel platform is currently in the beta phase for early users. Marketplace tools and WhatsApp- based communication are being used by vendors across India ranging from transport, food, and experience partners to give an end-to-end connected travel experience never possible before. Zo Travel enables the new face of community-based travel and brings social back into leisure travel away from simple booking platforms and OTAs.

“Working with GEM towards an early public listing for a venture technology startup will help the Zo community become a part of the more extensive wealth creation process. A lot of technology start-ups delay their public listing, thus keeping the community away from gains. We wish to be the opposite and grow our decades’ long journey with the public. We believe what we are creating is people first. The social layer of finding new people and making new friends safely across the globe makes us unique and is our vision for the future,” said Dharamveer Singh Chouhan, co-founder and chief executive officer, Zo World Ltd.

Furthermore, this new travel startup, looking to become everyone’s travel partner, had recently licensed the Zostel brand and signed a global Master Franchise agreement with Zostel Hospitality Private Limited (ZHPL) - India’s largest chain of backpacker hostels and homes. This enables the platform to have a high-quality supply with established businesses and brands before the significant upcoming public application launch in early October.

 

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Online Food Ordering Services
    Veganic is a cloud based franchise kitchen which aims at..
    Locations looking for expansion Uttar Pradesh
    Establishment year 2011
    Franchising Launch Date 2021
    Investment size Rs. 5lac - 10lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Noida Uttar Pradesh
  •  Era medical devices are into this business from more than..
    Locations looking for expansion Haryana
    Establishment year 2010
    Franchising Launch Date 2020
    Investment size Rs. 20lac - 30lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Tea And Coffee Chain
    The Chainsmokers” is Brand working in various lines of business..
    Locations looking for expansion Madhya pradesh
    Establishment year 2020
    Franchising Launch Date 2021
    Investment size Rs. 5lac - 10lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Indore Madhya pradesh
  • Hospital Related Medical Products
    About Us: PRESENTLY MANUFACTURER OF GEL PRODUCTS LIKE HOT/ COLD GEL..
    Locations looking for expansion Tamil nadu
    Establishment year 2020
    Franchising Launch Date 2020
    Investment size Rs. 2lac - 5lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads