Latest News | Startup Settl. Opens 4 Coliving Centres in Bengaluru; Looking to Expand in Other Big Cities
Get latest articles and stories on Latest News at LatestLY. Coliving startup Settl. has set up four centres comprising over 200 beds in Bengaluru and plans to expand its presence in Hyderabad, Chennai, Pune, and Delhi-NCR markets, a top company official said.
New Delhi, Nov 10 (PTI) Coliving startup Settl. has set up four centres comprising over 200 beds in Bengaluru and plans to expand its presence in Hyderabad, Chennai, Pune, and Delhi-NCR markets, a top company official said.
Founded in July 2020 by three young entrepreneurs Abhishek Tripathi, Bharath Bhaskar and Ashok Reddy, Settl. is a technology-driven accommodation platform, mainly for working professionals.
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"We have set up four centres in Bengaluru to start our operation. We are looking at opening more coliving centres in Bengaluru and other major cities," company's co-founder Tripathi told PTI.
In the next 15 months, the company plans to expand its footprint with 2,000+ locked-in beds by entering new markets such as Hyderabad, Pune, and Delhi NCR.
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“As a young and a distinctive start-up that started its operations in the middle of the pandemic, we believe that the modern shared accommodation is the future of living, driven by a thriving shared economy paired with technology-driven accommodation to serve a young demographic," he said.
Tripathi said the business model has been kept asset light as it enters into long term lease with property owners.
"We do revenue sharing with building owners," he said, adding that the company charges an average Rs 10,000 per bed.
Coliving segment, which caters to working ptifessionals and students, has been badly hit by the COVID-19 pandemic. Student housing has been affected due to closure of educational institutes, while working professionals have also moved to native places because of work-from-home.
The demand for accomodations from working professionals is gradually coming post lockdown.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)