Indian co-living startup Settl has successfully raised Rs 10 crore in a funding round backed by investors such as Gruhas, a venture capital fund supported by Nikhil Kamath of Zerodha, and We Founder Circle. The capital injection will be utilized to bolster Settl’s business operations, fuel team expansion, and enhance technological capabilities. The company, founded in 2020, is focused on providing affordable and comfortable housing solutions for millennials and young professionals seeking convenient and hassle-free living options.
Current Presence and Offerings
Settl currently operates in key Indian cities including Bengaluru, Hyderabad, Gurugram, and Chennai, boasting over 60 co-living centers with a total capacity of 4,000 beds. Primarily targeting working professionals, the company offers rental accommodations with a price range spanning from Rs 12,500 to Rs 18,000 per bed. The co-living spaces provided by Settl are fully furnished, equipped with modern amenities, and cater to the evolving needs of today’s urban workforce.
The newly secured funds will serve as working capital for Settl, enabling the company to expand its team and further enhance its technological infrastructure. This strategic approach aligns with Settl’s commitment to continually improve its services and provide an exceptional experience for its customers.
Settl’s platform empowers users to search for and rent shared living spaces, individual rooms, or entire apartments, all of which are fully furnished. The platform’s user-friendly interface, coupled with its focus on convenience, positions Settl as a key player in the evolving co-living landscape in India.
Growth Prospects in Co-Living Market
The co-living sector in India is experiencing significant growth, fueled by the increasing demand for hassle-free, community-oriented living spaces. Settl aims to capitalize on this trend and has strategically positioned itself as a leader in the premium co-living market. According to the company, the managed living sector, currently valued at $6.6 billion, has the potential to triple in size, reaching $21 billion by 2030.
Investor Confidence and Industry Transformation
Commenting on the investment, Abhijeet Pai of Gruhas expressed excitement about investing in Settl, highlighting the company’s alignment with the transformation in urban living. The shift from rural to urban living is shaping cities, and Settl is positioned to play a pivotal role in this change.
Settl’s successful funding round, supported by influential investors, reflects the confidence in the co-living startup’s potential to lead and innovate in the Indian real estate market. With a commitment to affordable and comfortable housing solutions, coupled with the strategic use of funds, Settl is poised to capitalize on the growth opportunities in the co-living sector, contributing to the evolving narrative of urban living in India.