Startup Settl. in co-living segment raises Rs.10 crore
The premium co-living market is in a massive expansion phase and Settl. has seized this opportunity quickly and effectively and is on the best track to become the leader of this sector in India.
New Delhi: Startup Settl., which is into the co-living segment, on Tuesday said it has raised Rs 10 crore from investors, including Gruhas and We Founder Circle, to expand its business.
Settl. has 60+ co-living centres in Bengaluru, Hyderabad, Gurugram and Chennai with a total capacity of 4,000 beds. It provides rental accommodation mainly for working professionals in price range of Rs 12,500-18,000 per bed per month.
Anthill Ventures, Inflection Point Ventures, Ah! ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP and Ekyum also participated in the Pre Series A round, the company said in a statement.
Including the current round, the company has raised Rs 15 crore from investors.
Gruhas is founded by Nikhil Kamath of Zerodha and Abhijeet Pai of Puzzolana Group.
"The company will use this fund for working capital, team expansion, and technology," the statement said.
Settl., which was founded in 2020, offers co-living spaces, PGs, and apartments for rent.
Settl. platform allows users to search for and rent shared living spaces, individual rooms, or entire apartments that are fully furnished and equipped with modern amenities.
Abhishek Tripathi, Co-Founder & Director, Settl., said, " The premium co-living market is in a massive expansion phase and Settl. has seized this opportunity quickly and effectively and is on the best track to become the leader of this sector in India. Joining forces with such marquee investors at this crucial step will only help in growth and expansion."
Abhijeet Pai of Gruhas said the shift from rural to urban living is transforming cities and Settl. embodies this change.
"This marks our second investment in the first cohort of the Gruhas Aspire accelerator program for proptech and cleantech ventures," he said.
Settl. acquires assets of builders/ asset owners for a long lease to open its co-living centres.
In Bengaluru, it has 2,100 beds, Hyderabad 800 beds, Gurugram 1,000 beds and Chennai 100 beds.