Startup Your-Space raises around Rs 75 crore for expanding student housing

Student housing startup Your-Space has raised around Rs 75 crore from a group of investors for expanding its business. The company raised the amount in Series-A funding through a combination of pure equity and convertible debentures, Your-Space said in a statement.

The company will utilise these funds for growth focusing on metros and Tier I cities. They will also enhance operating robustness through a scalable, modular technology platform, which will help augment user experience and assist in building a large student community, the company said.

"The fundraising is a testament to the confidence of our stakeholders in our value proposition-sharp focus on product management and redefining customer service standards at a reasonable price," co-founder and COO Shubha Lal said.

The funding round was led by personal investment from Shantanu Rastogi (General Atlantic) and Ajay Gupta's (Capital Foods) family office AJAX Capital and Holy Basil Consultancy. The round also saw participation from Manish Choksi's (Vice Chairman at Asian Paints) family office, Sunidhi Group's family office and Sanjaya Gupta (former MD & CEO of PNBHFL), among others.

Human capital is at the heart of service delivery, part of the funds will also be used to further strengthen and retain the core team, which has recently seen additions like the CMO, Head of Community and Head-Legal and Compliance, the company said in a statement.

Your-Space has over 7,000 operational beds in nine cities. It targets to have more than 20,000 beds by July 2022 for the 2022-23 academic year.

"It (funding) gives us the firepower to continue delivering global service standards at scale," said Lal.

Your-Space was formed with a purpose to better the students' world while they toil hard to study away from their homes, the company said.

The student housing market size is projected to reach over $25 billion annually by 2025, the company said.