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Co-living Sector
Co-living operators are looking to expand their businesses and open more centres in the new year, as they expect demand for fully-serviced rental accommodation to rise from working professionals and students, according to industry players. The co-living segment was worst affected during the COVID pandemic as educational institutions and offices were closed to curb the spread of the disease. Many co-living operators shut down their operations permanently or scaled down their businesses. In the last two years, co-living operators, who survived the onslaught of the pandemic, have been trying to regain the lost ground and recoup the losses as normalcy returned, leading to the opening of educational institutes and the gradual return of employees to offices. Stanza, Colive, Zolo, Olive by Embassy, Your Space, Settl., Union Living and Coho are some of the co-living operators providing rental accommodations to students and professionals. When asked about the year gone by and outlook for 20
Co-living operator Setll has clocked over two-fold jump in its revenue last fiscal to nearly Rs 17 crore and plans to expand its capacity by 2.5 times to 5,000 beds by March next year. The company, which focuses on providing quality rental accommodations to working professionals, currently has around 2,000 beds at 40 centres across Bengaluru, Gurugram and Hyderabad. It is now looking to enter the Noida, Pune and Chennai markets, Settl said in a statement on Monday. The Bengaluru-based startup charges between Rs 12,000 and Rs 18,000 per bed. "We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune and Chennai where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality co-living centre in these cities," Settl co-founder Abhishek Tripathi said. The company is in an advanced stage of discussion with a few property owners in three cities where it has a presence as well as three new
Co-living operator Settl. will soon open four new centres, with a total capacity of about 300 beds, in Gurugram to cater to the rising demand of rental accommodations from working professionals. Settl. already has seven operational co-living properties with about 700 beds in Gurugram, the Bengaluru-based firm said in a statement. That apart, the company currently has 1,200 beds in Bengaluru and 300 beds in Hyderabad, taking the total beds to 2,200 across these three cities. Settl. said it is looking for more properties in Delhi-NCR and plans to launch 1,500 more beds during this fiscal. "The rising demand for managed rented co-living accommodation is a testament to the need for community living and convenience," Settl. Co-Founder Bharath Bhaskar said. "In metro cities like Gurugram and Noida where millennials are the driving force behind the economy, co-living spaces are emerging as the preferred choice for those seeking a seamless living experience," he said. In the four new ...
Co-living operator Settl. on Wednesday said it will double its capacity to 4,000 beds by June next year across Delhi-NCR, Bengaluru and Hyderabad as it is witnessing higher demand from working professionals. The company said the co-living segment has started to recover from the disruptions caused by the pandemic. Settl. said it also plans to raise further funds to expand and grow the business and has started a preliminary round of discussions with potential investors. "We are witnessing a surge in demand for managed rented homes from working professionals. Most of these employees are working on a hybrid model and they need quality space for living and work purposes," Settl. Co-founder Abhishek Tripathi said in a statement. Started in 2020, the company has 2,000 beds across 40 properties in the three cities and it aims to touch 4,000 beds by June next year. The company plans to add at least 1,000 beds in the National Capital Region (NCR) alone. "We take properties from builders an
The round also saw participation from BlackSoil Capital along with marquee angels from Faad Network. Other notable angel investors are Shashwat Nakrani (Co-founder, BharatPe), Jasminder Singh Gulati (Co-founder, Nowfloats, acquired by Jio), Ajay Yadav (Founder, Roomi), Sarath Sura (Ex-Director, Allahabad Bank), Abdul Paravengal (ex-CBO, Shipper), Rahul Jindal (Director, Google), Uday Arya (Partner, BlueLotus Ventures), Panna Lal Bhansali (ex-President, Guwahati Stock Exchange), Kushal Khandwala (Director, KIFS Housing Finance Ltd.), Tushar Anand (Alkem Pharma Family & Founder, Cheferd Foods) and others. The company's legal counsel Abhay Vohra (Partner, Burgeon Law), CA Anirudh Bagai (Founder, Lawyer2CA) also joined the round.Headquartered in Gurugram, Crib is building India's first digital ecosystem aimed at redefining how landlords operate, tenants stay and market sells. Through their SaaS-based marketplace model, Crib is creating a full stack solution for co-living including ..