Gurugram-based co-living startup Housr has announced that it has raised undisclosed funding from marquee real estate players Abhishek Lodha, MD and CEO, Lodha Group; Pirojsha Godrej, executive chairman, Godrej Group; and Harsh Patodia, president Elect of CREDAI and chairman, Unimark Group.
The startup claims to have a $30 Mn pre-money valuation.
Housr, which is set for launch in about two months has already locked in over 10,000 beds across key locations such as Delhi NCR, Mumbai, and Kota. Over the next 12-18 months, the company plans to expand its India footprint to more than 50,000 beds by entering markets such as Chandigarh, Pune, Bengaluru, and Hyderabad.
Deepak Anand, founder of Housr, said, “We will be launching close to about five properties in the next four months. These five properties should in phase-one make about 3,500 beds operational”.
Kalpesh Mehta, the co-founder of Housr, said, “We firmly believe that the modern shared accommodation is the future of living, driven by a thriving shared economy coupled with a largely young demographic. Collaborative consumption has become a global trend, and India is no exception”.
“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 Housr to transform the co-living industry in India,” said Abhishek Lodha.
As the Indian millennials comprise about a third of the country’s current population, the idea of coliving spaces are potentially staring at a huge business opportunity. By 2022, India’s coliving industry is expected to be 20 times bigger than it is today with the shared-living market valued at $120 Mn (INR 845 crore) in 2018, as per data from research and advisory firm RedSeer Consulting. Rents for a shared living accommodation range from ₹6,000 to ₹20,000 a month on a sharing basis, while for individuals living the range is ₹18,000-30,000 a month.
Other players who have raised funding in this space are,
- Colive raised $9.2 Mn (INR 63 Cr) in its Series A funding round led by the real estate company Salarpuria Sattva Group.
- StayAbode received an undisclosed amount as an add-on to pre Series A funding from Voyage Group, Akatsuki and Incubate Fund.
- Grexter raised $1.5 Mn (INR 10.6 Cr) in a Pre-Series A funding round from Venture Catalysts.
- Stanza Living raised $4.4 Mn in venture debt from Alteria Capital.
- Oxfordcaps raised $8 Mn funding led by Times Internet with participation from existing investors Kalaari Capital and Silicon Valley-based 500 Startups.
- OYO Hotels launched its ‘OYO Living’ long-term living offering that seeks to expand in the top 10 metros by the end of 2019 with 50,000 beds.
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