India: Coliving operator Settl. has announced plans to add 2,000 beds by June 2023 across Delhi-NCR, Bengaluru and Hyderabad.
Founded in 2020, the company currently has 2,000 beds across 40 properties in three cities. It plans to add at least 1,000 beds in the National Capital Region (NCR) alone. Each of its facilities provide a mix of coliving, community living and coworking solutions to the working professionals.
“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,” said Settl. co-founder Abhishek Tripathi.
“We take properties from builders and asset owners on long-term lease and then sub-lease the space to working professionals. We are currently present in three cities and we want to expand to three new cities, including Delhi and Noida, by June 2023. We sell beds in a price range of Rs 11,000 per month to Rs 18,000 per month, depending on city to city, location and available facilities. About 80 to 90 per cent of our occupants are working professionals between the age group of 25 and 35 years,” he added.
The company plans further funding rounds and has started a preliminary round of discussions with potential investors.
