[Funding alert] Co-living startup Settl raises $500K from ah! Ventures, We Founder Circle, others
The startup plans to deploy these funds to enhance the technology stack and acquire more supplies.
, a technology-driven managed accommodation platform, has raised an investment worth $500,000 in seed round. The funding round witnessed participation from an array of investors- , and other angel investors like - Saurabh Jha (Director- Growth and Analytics, Housing.com), Ashu Dubey (Principal Product Manager, Linkedin), Mahesh Pillai, Senior Vice President, Pierian Services Private Limited and Abdul Paravengal (ex CBO, Shipper).
The startup plans to deploy funds to enhance the technology stack and acquire more supplies. Additionally, it plans to expand aggressively across cities including - Delhi-NCR, Pune, and Chennai, targeting creating an inventory of more than 2000 beds in the next 6 months for the urban professionals.
“Settl is disrupting the co-living concept by offering fully managed living spaces using their years of experience in this domain. They offer multi-city multi-location beautiful 1&2 BHK options at your fingertips using smart tech. Their property options are designed keeping in the taste and living standard of urban young executives and so no doubt they are growing very fast,” said Neeraj Tyagi, Co-founder and CEO, We Founder Circle.
“We are building a network that caters to the modern needs of flexi living where Settl brings thoughtfully designed spaces and curated experiences with a bunch of amenities that makes city living effortless,” added Bharath Bhaskar, Co-founder, Settl.
In a short span of slightly more than a year, Settl has already locked 1200 beds across 2 cities. It claims to be witnessing a rise in demand at the rate of 30 percent quarter on quarter. With the fresh funds infusion, it aims at serving over 3000 clients per month.
"There are competitors in the space, but the space still has a lot of potential. Since covid and work from home are coming into play - a lot has changed for the real estate world and in the rental space. Hence, a lot of people are investing to enter the market at its lowest. A lot of changes are expected to happen. Although everyone is learning as they go, the early entrants would benefit the most. Settl has great potential to become a beautiful one-of-the-first mix of co-living + co-working if the founders play their cards right,” stated Karn Rajani, Venture Partner, ah! Ventures.
Edited by Anju Narayanan