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Co-living operator Settl reported strong growth in the financial year 2023-24, expanding its operational bed capacity by a significant 100 per cent to reach 4,000 beds across Bengaluru, Hyderabad, Chennai and Gurugram.
This marks a jump from the 2,000 beds the Bengaluru-headquartered company operated in the previous year.
Settl's revenue also saw a substantial rise, climbing 100 per cent to reach Rs 33 crore at the end of March 2024, compared to Rs 15.5 crore at the end of March 2023. The company's growth reflects the rising demand for co-living spaces in major Indian cities, particularly among young professionals.
The co-living operator, which started operations in 2020, specializes in entering long-term lease agreements with builders and asset owners, designing and developing properties according to the needs and demands of occupants, before further leasing the space to working professionals.
"This approach allows Settl to offer residents a hassle-free and convenient living solution. Residents benefit from modern amenities, a sense of community, and a streamlined leasing process. Settl's strong performance indicates that co-living is a growing segment within the Indian real estate market, driven by the country's economic expansion and the influx of multinational companies setting up shop in major cities," Abhishek Tripathi, Founder of Settl. said.
Tripathi further said the Indian economy is growing at a handsome pace and the prospects are very bright.
"Tech hubs like Bengaluru, Chennai, Gurugram and Hyderabad, are witnessing a surge in demand for co-living spaces from young professionals and students. MNCs as well as domestic companies setting up shop in these cities are fueling this even further. The young generation craves a comfortable, connected lifestyle, and co-living offers exactly that," Tripathi said.
Settl offers beds for rent ranging from Rs. 11,000 to Rs. 24,000 per month, depending on the location, city, and available amenities. Approximately 80-90% of occupants at Settl. are working professionals between the ages of 25 and 35.
With a commitment to innovation, customer satisfaction, and sustainable growth, Settl. is poised to revolutionize the co-living industry and cater to the evolving needs of modern urban dwellers.
