Co-living operator Settl said it will add 1000 beds to expand its business in the Hi-tech city of Hyderabad to meet the rising demand for quality homes from working professionals. Bengaluru headquarter Settl already has 5 co-living centers in Hyderabad comprising 300 beds.
The centres are located around tech hubs at Madhapur, Gachibowli, and Jubilee Hills in Hyderabad. The company charges anywhere between Rs 9,000 per bed to Rs 12,000 per bed per month. “With the return to office picking up, the demand for managed rented accommodation has significantly increased,” Settl Co-Founder Abhishek Tripathi said, “All our centres in Hyderabad are doing very well. We will be adding 1000 more beds by end of FY 2023,” he said.
Settl, which has a presence in Bengaluru, Hyderabad, and Gurugram, has choked out the expansion plan as the co-living segment has started to recover from the disruptions caused by Covid 19 pandemic. “We are witnessing a surge in demand for managed rented homes from working professionals. Most of these employees are working on a hybrid model and they need quality space for living and work purposes,” Tripathi said.
Started in 2020, the company currently has 1500 beds of which 900 beds are in Bengaluru and 300 each in Hyderabad and Gurugram. The target is to touch 3500 beds by March next year. "We take properties from builders and asset owners on a long-term lease and then sub-lease the space to working professionals," Tripathi said. Each of its facilities provide a high-quality mix of co-living, community living, and co-working solutions to working professionals.
Settl sells beds in a price range of Rs 9,000 per month to Rs 12,000 per month depending upon the city-to-city, location, and available facilities. About 90% of our occupants are working professionals between the age group of 25 to 35 years. In view of the pandemic, the demand for individual rooms has increased as working professionals want privacy and hygiene.
It plans to raise further funds to expand and grow the business and has started preliminary round of discussion with potential investors. Settl has so far raised US dollar $500K from investors including ah! Ventures and We Founder Circle.
