Lodha group MD & CEO Abhishek Lodha and Godrej Properties executive chairman Pirojsha Godrej have made an investment in co-living firm Housr that plans to infuse Rs 350 crore by end of the next year to reach 50,000 beds, a top company official said.
Housr, which has been co-founded by Tribeca Developers MD Kalpesh Mehta and Deepak Anand, did not disclose the amount infused by the two promoters and three investors -- Abhishek Lodha, Pirojsha Godrej and Unimark group Chairman Harsh Patodia.
However, it said the funds have been raised at a "USD 30 million pre-money valuation".
The co-living firm has already taken on lease 10,000 beds in Gurugram (Haryana), Noida (Uttar Pradesh), Mumbai and Kota (Rajasthan).
Housr has taken on long-term lease two residential towers from realty firm Tulip Infratech to launch its first co-living project in Gurugram. This property would be operational in 4-6 weeks in a price range of Rs 10,000-25,000 per month per bed including breakfast.
Co-living concepts have gained momentum in India in last few years, prompting many players to enter this business including hospitality firm Oyo.
To encash rising demand, Housr will offer large format co-living space, with 500-700 beds per property, for millennials as well as students.
"We launched this venture six months ago. We have raised pre-series A funding from Abhishek Lodha, Pirojsha Godrej and Harsh Patodia to scale up our business. They have invested in personal capacity," Anand told PTI.
Housr is a super aggregator of properties, which creates experiences, fosters communities through tech-enabled co-living spaces, Anand said.
When contacted, Mehta said the company is targeting to reach 50,000 beds by 2020-end which would require an investment of Rs 300-350 crore.
"Over 50 million young professionals and students migrate to cities. So, there is a huge demand for co-living space," he said.
The company plans to enter markets such as Chandigarh, Pune, Bengaluru and Hyderabad in next 18 months.
"Housr has all the ingredients required to disrupt this space through a super aggregated, and community first approach. As a developer and an investor, I look forward to supporting Housr to transform the co-living industry in India," Lodha said.
Kalpesh Mehta, the founder of Tribeca, has been instrumental in bringing Trump Towers projects in India. Tribeca is developing many realty projects across India.
An INSEAD alumnus, Deepak Anand comes with a diverse background in private equity, banking, distribution with leadership roles at HSBC, HDFC and HT Media.