Coliving operator Settl. has chalked out an aggressive expansion plan as the coliving segment has started to recover from the disruptions caused by the COVID-19 pandemic, and plans to add about 2,000 beds by June next year across Delhi-NCR, Bengaluru and Hyderabad to cater to the rising demand of managed accommodation by working professionals.
Started in 2020, the company currently has 2,000 beds across 40 properties in three cities. As per the expansion plans, Settl. aims to touch 4,000 beds by June next year. It plans to add at least 1,000 beds in the National Capital Region (NCR) alone.
“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,” he added.
Each of its facilities provide a high-quality mix of co-living, community-living and coworking solutions to the working professionals.
“We are currently present in 3 cities and we want to expand to 3 new cities, including Delhi and Noida, by June 2023,” Tripathi said. “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 80-90% of our occupants are working professionals between the age group of 25 and 35 years,” he added.
In view of the pandemic, the demand for individual rooms has increased as working professionals want privacy and hygiene.
The company plans to raise further funds to expand and grow the business and has started a preliminary round of discussions with potential investors.