Co-living Start Up Truliv Grows By 250% In FY 23-24
Truliv, Tamil Nadu’s largest co-living startup announced that it has surpassed its profitability target for the fiscal year. The company aims to add 3,500 more beds in FY24-25 to maintain its market leadership position in the rapidly growing co-living sector. A subsidiary of DRA Homes, Truliv recorded 250% (this is growth of revenue in FY 23 - 24 from 6 crore to 16 crore) growth to Rs. 16 crores in FY 2023-2024 with 50% built-to-suite inventory, which is the highest in the country. The company aligns its aim for robust growth by expanding its presence further in the western and southern markets, where there is increasing demand for feature-enabled premium living spaces. Truliv's milestone growth has been made possible by its build-to-suit designs that meet the needs of its residents, coupled with a focused, comprehensive array of services that any millennial or young professional seeks. Its top-notch amenities ensure that the occupants have a hassle-free living experience. Each of its property is coupled with a strong focus on technology – driven processes and features like fully furnished apartments, biometric security, SMART TVs, high-speed Wi-Fi, and automated vending machines. All twenty-two coliving properties, including the largest at Porur and Navalur, are operating at full capacity. Additionally, Truliv also operates seven Holiday Homes. Rohit Reddy, Co-Founder and CEO of Truliv said, “We are happy to announce that Truliv has achieved profitability in April 2024, with a 250% increase in monthly run rate of Rs 2 crore and 3000 beds in Chennai. We have been able to achieve operational efficiency by lowering the cost to 12%, strategic marketing, and 45% gross margin, has enabled us to contribute to our success, while maintaining high standards of service and customer satisfaction. This success can also be credited to our combination of long and short-stay income strategies, as well as our built-to-suit approach, which ensured quality supply. We are excited about our upcoming expansion in Hyderabad and the future growth as we target to achieve a 50-crore topline in FY 2024 – 25.” “With a significant female resident population of 34% and an average stay duration of 120 days, combined with high customer satisfaction score of 88%, and cluster-based approach for horizontal growth, solidify Truliv’s position as India's favourite co-living option” - he added. In June 2023, Truliv had secured $1.5 million in a pre-seed funding round led by Conquest Global Ventures VCC, Vara Future LLP, and others. With an average occupancy rate of 95%, the company continues to lead the market with its innovative, community – centric living, and delivering unwavering commitment to the residents, setting the stage for continued success and expansion in the co-living sector.
Tags : Co-living Truliv Rohit Reddy subsidiary DRA Homes coliving properties