Truliv, Tamil Nadu's largest co-living startup and a subsidiary of DRA Homes, achieved 250% revenue growth in FY 2023-2024, reaching INR 16 crore. The company aims to add 3,500 more beds in FY 2024-2025 to maintain its market leadership. Truliv's success is driven by its build-to-suit designs, premium amenities, and technology-driven processes. Operating at full capacity, its 22 properties and 7 holiday homes cater to millennials and young professionals. With a 95% occupancy rate and strategic expansion plans in western and southern markets, Truliv targets a INR 50 crore topline in FY 2024-2025. The startup secured USD 1.5 million in pre-seed funding in June 2023.
Truliv, Tamil Nadu's premier co-living startup, celebrated surpassing its fiscal year profitability target and outlined ambitious expansion plans for FY24-25. As a subsidiary of DRA Homes, Truliv achieved an impressive 250% revenue growth, totaling INR 16 crores in FY 2023-2024, driven by its 50% built-to-suite inventory, a feat unparalleled in the country. With an unwavering commitment to delivering premium living experiences, Truliv is strategically expanding its presence in the western and southern markets, capitalizing on the growing demand for feature-rich accommodation.
Truliv's exponential growth is attributed to its innovative build-to-suit designs tailored to meet the diverse needs of its residents. Coupled with an extensive range of services catering to millennials and young professionals, Truliv ensures a seamless living experience. Each property boasts cutting-edge technological amenities such as fully furnished apartments, biometric security, SMART TVs, high-speed Wi-Fi, and automated vending machines.
Operating at full capacity, all twenty-two co-living properties, including flagship locations in Porur and Navalur, cater to a growing clientele. Moreover, Truliv manages seven Holiday Homes, enhancing its offerings for residents and travelers alike.
Rohit Reddy, Truliv's Co-Founder and CEO, expressed elation at achieving profitability in April 2024, with a staggering 250% increase in monthly run rate to INR 2 crore and a bed capacity of 3000 in Chennai. Operational efficiency, achieved through cost reduction to 12%, strategic marketing initiatives, and a 45% gross margin, have been instrumental in sustaining Truliv's success while upholding service excellence and customer satisfaction. Reddy attributed this success to a combination of long and short-stay income strategies, complemented by the company's built-to-suit approach, ensuring consistent quality supply. Anticipation runs high for Truliv's forthcoming expansion into Hyderabad, with a target of achieving a INR 50-crore topline in FY 2024-25.
Truliv's appeal is further underscored by its demographics, with a significant female resident population of 34% and an average stay duration of 120 days. A commendable customer satisfaction score of 88% and a cluster-based approach for horizontal growth cement Truliv's status as India's preferred co-living choice.
In June 2023, Truliv secured USD 1.5 million in a pre-seed funding round led by Conquest Global Ventures VCC, Vara Future LLP, and other investors, affirming investor confidence in its growth trajectory. With an impressive average occupancy rate of 95%, Truliv continues to lead the market with its community-centric living philosophy, delivering unparalleled commitment to residents and setting the stage for sustained success and expansion in the co-living sector.
Truliv's meteoric rise reflects not only the growing demand for premium co-living spaces but also the company's unwavering dedication to innovation, service excellence, and customer satisfaction. As Truliv embarks on its next phase of growth, it is poised to solidify its position as a market leader, reshaping the landscape of co-living in India and beyond.
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