For the past couple of years, co-living startups are having a good time in India. And the trend is expected to continue even this year as investors appear optimistic about the segment.
After ZoloStays, Bengaluru-based co-living startup Grexter has raised $1.5 million in pre-Series A round led by integrated incubator and angel network Venture Catalysts.
Arisht Jain of Samyakth Group and a slew of HNIs, real estate professionals, family offices, private equity funds, wealth management companies participated in the round.
Grexter will deploy the fresh proceed towards expanding the number of rooms and beds beside ramping up its tech platform.
Like other co-living platforms, the Pratul Gupta and Nikhil Dosi founded company provides rental accommodation for students and young professionals. One can get affordable living space with amenities such as common spaces, housekeeping, Wi-Fi, among others.
Apart from co-living spaces, it also provides luxurious accommodation in prime locations of Bengaluru. Grexter currently has 1500 beds in the city and further it aims to operate with over 5,000 beds by the end of 2019, mentioned the company press statement.
Earlier this week, another co-living and home rental startup called ZoloStays had raised $30 million Series B round led by Nexus Venture Partners and IDFC Alternatives.
Several startups in this space such as NestAway, StayAbode, Stanza Living got backing from renowned investors. The growth chart of these platforms also led budget hotel brand OYO and Warburg Pincus to foray into co-living space.
While Softbank-backed OYO made standalone entry in the segment, the private equity firm formed a Rs 3,000 crore joint venture with mid-priced hotel chain Lemon Tree Hotels to provide co-living spaces for young professionals and millennials across India.