Student housing company Your Space will invest around Rs 50 crore towards expansion this year and plans to more than double its bed count by July 2023. Venayak Gupta, Chief Revenue Officer, Your Space said that the company would add 3,000 beds before the start of this academic session.
"We currently have 12,000 beds and we plan to grow to 15,000 beds before the start of this academic session. At present, we have 3,500 beds in Delhi, 2,000 in Mumbai and 2,500 in Bengaluru. Other cities include Pune, Ahmedabad, Jaipur, Indore and Dehradun where we have 1000-1500 beds on average," Gupta said.
The company, which raised $10 million in Series-A funding in January this year, plans to double its revenue by next year, Gupta said. Our pre-pandemic annual recurring revenue (ARR) was Rs 31 crore, while the current ARR is Rs 85 crore. We expect to get around Rs 15-20 crore per month this year and take it to Rs 30 crore next year," said Gupta.
There was enough depth in the student market and the company was not planning to enter the housing segment for working professionals or the industrial section, Gupta said. "We work across multiple locations with the same institutes like Your Space works with Pearl Academy across cities. We are doing housing for the FORE School of Management in Delhi this year," said Gupta.
Shubha Lal, COO, Your Space, said the company was planning to enter Hyderabad and Kolkata.
"We are planning to enter Hyderabad and Kolkata as well. We will scale up to 15000 beds this year and will further increase our capacity to 30,000 by July next year," said Lal, adding that the company would have around 130 operational buildings by July.
Your Space is launching its new units in Mumbai and Ahmedabad this month, while its new units in Delhi will become operational by August. Lal said the organised sector was less than five percent of the total market and there was a lot of scope for Your Space to grow. She also said the company’s headcount of 260 would grow to 400 by next year as the business expands.