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Co-living firm Housr raises fund from Pirojsha Godrej, Abhishek Lodha

Housr plans to infuse Rs 350 crore by end of the next year to reach 50,000 beds

Press Trust of India  |  New Delhi 

Photo: Shutterstock

MD & CEO and executive chairman have made an investment in co-living firm that plans to infuse Rs 350 crore by end of the next year to reach 50,000 beds, a top company official said.

Housr, which has been co-founded by Tribeca Developers MD Kalpesh Mehta and Deepak Anand, did not disclose the amount infused by the two promoters and three investors -- Abhishek Lodha, and Unimark group Chairman Harsh Patodia.

However, it said the funds have been raised at a "$30 million pre-money valuation".

The co-living firm has already taken on lease 10,000 beds in Gurugram (Haryana), Noida (Uttar Pradesh), Mumbai and Kota (Rajasthan).

has taken on long-term lease two residential towers from realty firm Tulip Infratech to launch its first co-living project in Gurugram. This property would be operational in 4-6 weeks in a price range of Rs 10,000-25,000 per month per bed including breakfast.

Co-living concepts have gained momentum in India in last few years, prompting many players to enter this business including hospitality firm Oyo.

To encash rising demand, will offer large format co-living space, with 500-700 beds per property, for millennials as well as students.

"We launched this venture six months ago. We have raised pre-series A funding from Abhishek Lodha, and Harsh Patodia to scale up our business. They have invested in personal capacity," Anand told PTI.

Housr is a super aggregator of properties, which creates experiences, fosters communities through tech-enabled co-living spaces, Anand said.

When contacted, Mehta said the company is targeting to reach 50,000 beds by 2020-end which would require an investment of Rs 300-350 crore.

"Over 50 million young professionals and students migrate to cities. So, there is a huge demand for co-living space," he said.

The company plans to enter markets such as Chandigarh, Pune, Bengaluru and Hyderabad in next 18 months.

"Housr has all the ingredients required to disrupt this space through a super aggregated, and community first approach. As a developer and an investor, I look forward to supporting Housrto transform the co-living industry in India," Lodha said.

Kalpesh Mehta, the founder of Tribeca, has been instrumental in bringing Trump Towers projects in India. Tribeca is developing many realty projects across India.

An INSEAD alumnus, Deepak Anand comes with a diverse background in private equity, banking, distribution with leadership roles at HSBC, HDFC and HT Media.

First Published: Tue, April 30 2019. 13:05 IST