India

Co-living firm Settl signals rising demand for co-living spaces in major Indian cities

Synopsis

Co-living operator Settl saw strong financial growth in 2023-24 by doubling its bed capacity to 4,000 beds across four cities and increasing revenue by 100% to INR 33 crore. This growth reflects the rising popularity of co-living spaces among young professionals in urban India. Founded in 2020, Settl partners with builders to design properties tailored to occupants needs. Around 80-90% of occupants are working professionals aged 25-35, who are attracted by amenities and community lifestyle. With the economy growing and more companies establishing operations in major tech hubs, demand for convenient, affordable co-living spaces is likely to remain robust.

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Co-living operator Settl saw strong growth in the 2023-24 financial year, doubling its operational bed capacity to 4,000 beds across Bengaluru, Hyderabad, Chennai and Gurugram. This marked an increase from the 2,000 beds the Bengaluru-headquartered company had in the previous year.

Settl's revenue also rose substantially, climbing 100% to INR 33 crore by the end of March 2024 compared to INR 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, especially among young professionals.

The young generation desires a comfortable, connected lifestyle - which co-living provides. Settl rents beds from INR 11,000 to INR 24,000 monthly depending on location, city and amenities. Around 80-90% of occupants are working professionals aged 25-35.

Founded in 2020, Settl specializes in long-term leases with builders and owners, designing properties to meet occupant needs before leasing to working professionals. Founder Abhishek Tripathi says that this approach offers residents a hassle-free, convenient living solution with modern amenities and a sense of community.

Settl's success indicates co-living is a growing real estate segment in India, driven by economic expansion and multinational companies in cities. Tripathi noted India's strong economy is fuelling demand in tech hubs like Bengaluru, Chennai, Gurugram and Hyderabad from young professionals and students. Major companies establishing operations in these cities are further boosting demand.

With a commitment to innovation, customer satisfaction and sustainable growth, Settl is set to revolutionize co-living and meet modern urban dwellers' evolving needs.

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