Co-living operator Settl has raised Rs 10 crore in a pre-Series A funding round as it now aims to expand its business operations.
According to the startup, The round saw participation from Gruhas and We Founder Circle, along with other notable investors like Anthill Ventures, Gurugram-based Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum.
At what valuation?
To date, Settl has raised approximately Rs 14.9 crore, including the current round. While the startup didn’t disclose the valuation, An Entrackr report claims the round values the startup at Rs 30 crore.
What is the purpose of fundraising?
Settle said the raised funds would be allocated towards working capital needs, team expansion, and technology enhancements.
Abhishek Tripathi, Co-Founder & Director of Settl, remarked, “The premium co-living market is in a massive expansion phase, and Settl has seized this opportunity quickly and effectively.”
He believes that the partnership with marquee investors will significantly aid in the company’s growth and expansion.
Abhijeet Pai of Gruhas noted the transformative shift from rural to urban living and commended Settl for embodying this change. He also highlighted this investment as part of the Gruhas Aspire accelerator program for proptech and cleantech ventures.
What does Settl do?
Founded in 2020 by Abhishek Tripathi, Settl caters to the need for modern, fully furnished shared living spaces. The startup operates in Bengaluru, Hyderabad, Gurugram, and Chennai.
It claims to have over 60 co-living centres across these cities, offering a total capacity of 4,000 beds. These accommodations are primarily targeted at working professionals, with rental prices ranging from Rs 12,500 to Rs 18,000 per bed, the startup said.
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Source: Indian Startup News
