Co-living startup Housr, which is yet to launch operations, has raised an undisclosed amount in funding from a clutch of top executives at prominent real estate firms.
Housr has secured the backing of Lodha Group chief executive Abhishek Lodha, Godrej Properties executive chairman Pirojsha Godrej and Unimark Group chairman Harsh Patodia, the company said in a statement. The investment was made at a pre-money valuation of $30 million.
Housr was founded by Deepak Anand and Kalpesh Mehta in October last year. Mehta is the founder of Tribeca Developers and earlier worked with Lehman Brothers, The Carlyle Group, Starwood Capital and Deloitte. Anand has worked with HT Media, HDFC, and HSBC in the past.
The startup plans to provide a technology-enabled platform which will aggregate properties for co-living purposes. According to its website, Housr aims to change the way millennials live and create smart social hubs of mega co-living spaces.
“Housr’s strongest differentiator is its ‘mega communities model’. Each property will have 500+ residents living together. This allows for strong economies of scale and unparalleled services and community offerings that no other player in India is able to provide as of today,” Anand, who is also the chief executive officer of Housr, said in the statement.
Gurugram-based Housr takes entire buildings on lease and converts them into co-living facilities for young working professionals and students. The startup is currently in the process of leasing such properties across the country to build residences.
It will offer fully furnished and air-conditioned rooms that will come with amenities including power backup, an internet connection, housekeeping, laundry facilities and more.
The facilities will have biometric access and other security measures including CCTV, 24x7 concierge and a separate floor for women.
Housr claims to have locked in more than 10,000 beds across Delhi-NCR, Mumbai and Rajasthan’s Kota. The company plans to expand its India footprint with more than 50,000 locked-in beds in the next 18 months. It will also expand operations to Chandigarh, Pune, Bengaluru and Hyderabad.
“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,” Abhishek Lodha said.
Deals in the segment
As the concept of co-living gains mainstream acceptance in the country, the deal flow in the segment has picked up pace in recent months. In addition, well-funded hospitality startups such as OYO and Nestaway have been beefing up their co-living offerings of late.
April 2019: Real estate firm Salarpuria Sattva Group led a Series A investment of Rs 63 crore in Colive, a technology-driven co-living space provider.
March 2019: Delhi-based student accommodation platform Stanza Living secured $4.4 million (Rs 30 crore) in venture debt from Alteria Capital. The company had raised Rs 73 crore ($10 million) in a fresh round led by venture capital firm Sequoia Capital in September last year.
March 2019: Bengaluru-based StayAbode raised additional capital as part of its pre-Series A funding round from new investor, Japanese media and advertising technology company Voyage Group.
January 2019: Mumbai-based co-living space provider Zolo had in January raised $30 million in a Series B round of funding led by private equity firm IDFC Alternatives, South Korea's Mirae Asset and existing investor Nexus Venture Partners.