Settl, a prominent co-living operator, has secured Rs 10 crore in its pre-Series A funding round, led by Gruhas and We Founder Circle, among others. The investment boosts Settl's total funding to Rs 15 crore. Founded in 2020, Settl operates 60 co-living centers across major cities, offering 4,000 beds catering majorly to working professionals. With rental prices ranging from Rs 12,500 to Rs 18,000 per bed, Settl addresses the expanding premium co-living market. The fresh capital infusion will help strengthen working capital, expand the team, and enhance technology infrastructure, supporting the company's growth and expansion plans in India's thriving co-living sector.
In a major boost to the Proptech sector, Settl, a leading co-living operator, has successfully raised Rs 10 crore in its pre-Series A funding round. The investment, led by Gruhas – backed by Nikhil Kamath – and We Founder Circle, brings Settl's total funding to Rs 15 crore. The round also saw participation from prominent investors such as Anthill Ventures, Inflection Point Ventures, Ah! ventures, Nila Spaces, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum.
Settl, founded in 2020, offers a wide range of co-living spaces, PGs, and apartments for rent. The company currently operates over 60 co-living centers with a total capacity of 4,000 beds spread across prominent cities like Bengaluru, Hyderabad, Gurugram, and Chennai. Settl's rental accommodations cater primarily to the needs of working professionals and are available at competitive prices ranging from Rs 12,500 to Rs 18,000 per bed.
Abhishek Tripathi, Co-Founder and Director of Settl, pointed out that the premium co-living market is experiencing significant expansion, and Settl has adeptly capitalized on this opportunity. Tripathi believes they are on the most promising trajectory to lead this sector in India. He emphasized that collaborating with renowned investors at this pivotal juncture will substantially contribute to the company's growth and expansion.
Settl will utilize the fresh capital injection to strengthen its working capital, expand its talented team, and further advance its technology infrastructure. The company aims to enhance its presence in the existing cities while exploring opportunities to enter new markets in line with its ambitious growth plans.
Settl's success comes at a crucial time, as the managed living sector is experiencing remarkable growth. With the current market worth estimated at $6.6 billion, industry experts forecast the sector to triple in size and reach a staggering $21 billion by 2030. By capitalizing on this upward trend, Settl aims to consolidate its position as a market leader and pioneer in the co-living space.
As Settl continues to redefine the co-living experience and cater to the rising demand for flexible and affordable housing solutions, its recent funding success reaffirms the confidence investors have in the company's vision and growth potential. With a strong foundation and ample financial resources, Settl is well-positioned to shape the future of the co-living landscape in India.
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