Startup Your-Space, which is into student housing segment, has started 7 new facilities comprising 1,000 beds to cater to the rising demand for accommodation around colleges and will achieve four-fold jump in revenue to Rs 20 crore during 2018-19.
Launched in 2016, Your-Space has so far raised USD 1 million fund from angel investor and HNIs. The company, co-founded by Shubha Lal, Karan Kaushish and Nidhi Kumra, has now 11 facilities with around 1,200 beds.
In its recent report, property consultant JLL India said the demand for student housing is expected to see a rapid growth in India. It also advised real estate firms to tap this opportunity to beat current slowdown in the residential market.
"With start of new academic session, we have launched 7 co-living facilities across Delhi NCR, Mumbai, Chandigarh, Jalandhar, and Pune with a capacity of around 1,000 beds," said Lal, one of the founders.
The company charges anywhere between Rs 10,000-30,000 per bed per month depending on the location, she said, adding this price does not include electricity bill.
With the launch of 7 new properties, Lal said the company's revenue would increase to about Rs 20 crore in 2018-19 from Rs 5 crore in the previous year.
"We always open new properties at the beginning of academic session. We are in talks with property owners across various cities including Jaipur, Bangaluru, Indore and Kota to open more facilities next year," she said.
On further fund raising, Lal said the company would require funds next year for further expansion.
Your-Space partners property owners and developers on a fixed lease, revenue-sharing, or management contract basis, for a period of 5-12 years.
Earlier this year, its rival Placio raised USD 2 million from Singapore-based private equity fund Prestellar Ventures for expansion.
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