Monday, April 22, 2024
HomeStart UpCo-living startup Settl raises Rs 10 crore in funding

Co-living startup Settl raises Rs 10 crore in funding

Settl, a co-living startup, announced on Tuesday that it has secured Rs 10 crore in a pre-series A funding round. The round saw participation from Gruhas, a venture capital fund backed by Zerodha’s Nikhil Kamath, We Founder Circle, Anthill Ventures, Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum.

The company stated that the funds would be utilized for working capital, team expansion, and technology enhancements. With this funding, Settl has now raised a total of Rs 15 crore from various investors.

Abhishek Tripathi, Co-Founder and Director of Settl said, ” The premium co-living market is in a massive expansion phase and Settl. has seized this opportunity quickly and effectively and is on the best track to becoming the leader of this sector in India. Joining forces with such marquee investors at this crucial step will only help in growth and expansion.”

Established in 2020, Settl is a platform that facilitates co-living arrangements, offering spaces such as PGs and apartments for rent. The startup, which operates in Bengaluru, Hyderabad, Gurugram, and Chennai, boasts a network of over 60 co-living centres, providing a total capacity of 4,000 beds, primarily targeting working professionals. The rental options range from Rs 12,500 to Rs 18,000 per bed.

Settl enables users to explore and rent fully furnished shared living spaces, individual rooms, or entire apartments equipped with modern amenities.

“The shift from rural to urban living is transforming cities and Settl. embodies this change. It’s a community-driven space that’s safe, inclusive, and tech-driven. Gruhas is excited about investing in Settl, it also marks our second investment in the first cohort of the Gruhas Aspire accelerator program for prop-tech and cleantech ventures,” said Abhijeet Pai of Gruhas.

Settl estimates that the managed living sector, presently valued at $6.6 billion, has the potential to triple in size and reach $21 billion by 2030.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.