Co-living start-up Settl has raised Rs 10 crore from investors including Zerodha's Nikhil Kamath-backed venture capital fund Gruhas and We Founder Circle to expand its business, the company said.
Settl has a presence in Bengaluru, Hyderabad, Gurugram and Chennai and has over 60 co-living centres in these cities with a total capacity of 4,000 beds, targeted mainly at working professionals. The company offers rental accommodations in a price range of Rs 12,500-Rs 18,000 a bed.
The company will use the fund as working capital, for team expansion and enhancing technology.
Settl, which was founded in 2020, has raised Rs 15 crore from investors so far. The aim is to provide affordable and comfortable housing solutions for millennials and young professionals who are looking for convenient and hassle-free living options, the company said.
Settl's 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.
" The premium co-living market is in a massive expansion phase and Settl. has seized this opportunity and is on the track to become the leader of this sector in India. Joining forces with such investors at this crucial step will only help in growth and expansion,” Settl co-founder and director Abhishek Tripathi said.
Currently worth $6.6 billion, the managed living sector has the potential to triple in size to $21 billion by 2030, the company said.
Also Read: Co-living gains traction in Bengaluru as millennials choose convenience over costs
The shift from rural to urban living was transforming cities and Settl embodied that change, Abhijeet Pai of Gruhas said. "Gruhas is excited about investing in Settl. It also marks our second investment in the first cohort of the Gruhas' Aspire accelerator program for proptech and cleantech ventures," he said.
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