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With the return to office gaining ground, co-living operator Settl which is moving with a target to touch 3,500 beds by march 2023 announced that it will add 1,000 beds to expand its business in Hyderabad to meet the rising demand from working professionals. The company till now has raised $5,00,000 from investors including ah! Ventures and We Founder Circle.
Settl has begun preliminary rounds of discussions with possible investors to obtain additional capital for the business’ expansion. Investment management company Colliers said in a report that the co-living segment is expected to have 450,000 beds by 2024, mainly in the organised sector, more than double from 210,000 beds at the end of 2021,also Occupancy in most co-living facilities crossed 45-50 percent between December 2020 and March 2021 and 60-70 percent in Q4 of 2021.
The organistion, which was founded in 2020 already operates five co-living facilities in Hyderabad with a total of 300 beds and has 1,500 beds as of right now all over India, the beds are priced between Rs 9,000 and Rs 12,000 per month.Nearly 90 percent of their customers are working adults between the ages of 25 and 35.Settl Co-Founder Abhishek Tripathi reported- “With the return to office picking up, the demand for managed rented accommodation has significantly increased. All our centres in Hyderabad are doing very well. We will be adding 1,000 more beds by end of FY2023.”
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