Co-living startup Settl. to double capacity to 4,000 beds by June 2023

New Delhi: Co-living operator Settl. on Wednesday said it will double its capacity to 4,000 beds by June next year across Delhi-NCR, Bengaluru and Hyderabad as it is witnessing higher demand from working professionals.

The company said the co-living segment has started to recover from the disruptions caused by the pandemic.

Settl. said it also plans to raise further funds to expand and grow the business and has started a preliminary round of discussions with potential investors.

"We are witnessing a surge in demand for managed rented homes from working professionals. Most of these employees are working on a hybrid model and they need quality space for living and work purposes," Settl. Co-founder Abhishek Tripathi said in a statement.

Started in 2020, the company has 2,000 beds across 40 properties in the three cities and it aims to touch 4,000 beds by June next year.

The company plans to add at least 1,000 beds in the National Capital Region (NCR) alone.

"We take properties from builders and asset owners on long term lease and then sub-lease the space to working professionals," Tripathi said.

Each of its facilities provide a high-quality mix of co-living, community-living and co-working solutions to the working professionals.

"We sell beds in a price range of Rs 11,000-18,000 per month, depending on city to city, location and available facilities. About 80-90 per cent of our occupants are working professionals between the age group of 25-35 years," he added.

In view of the pandemic, the demand for individual rooms has increased as working professionals want privacy and hygiene.