Noida-based Placio, a student housing startup has raised $2 million in a Pre-Series A funding round from Prestellar Ventures, a Singapore-based private equity fund.The startup plans to use these funds to expand its services in India and Southeast Asia. Placio also wants to benefit from the experience and network of the fund to improve its existing capacity by 20 times in the year.
Placio also plans to use these funds to acquire additional beds and make its technology platform well-equipped with hostel management system, roommate matching and search, value-added services like ordering food, booking of events, CRM system and others using in-house mobile wallet.
Rabindra Shrestha, Managing Partner of Prestellar Ventures, said, “Placio has been able to address the needs of the rapidly expanding college student population of India by providing safe, clean, amenity-filled housing with a strong community and technology backbone.”
He further added that Placio has grown its footprint with limited resources so far, and now the company aims to grow its in-house platform.
The company was founded by Rohit Pateria and Ankush Arora. Rohit has over 18 years of experience as CA, while Ankush holds over 17 years of experience in the hospitality industry. While Atul Kumar joined the firm, after Placio acquired his venture Click-a-Home Services.
According to a recent research by Placio, there are 50 million students studying in colleges and universities in the country, out of which 60-65% students are studying outside their home town.
With its USP of being solely focussed on students, Placio has tapped into an industry with an untapped opportunity.
The online home rental industry is blooming with ease of service for its users and it will be interesting to see what Placio brings next on the student housing platform after the funding.