July 3, 2023: Coliving operator Setll plans to expand its capacity by more than 2.5 times to 5,000 beds by the end of FY 2023-24, and is looking to enter the Noida, Pune and Chennai markets. The Bangalore-based startup, which focuses on providing rental accommodations to working professionals, currently has around 2,000 beds across Bangalore, Gurgaon and Hyderabad across 40 centres. It charges between Rs 12,000 and Rs 18,000 per bed.
Abhishek Tripathi, co-founder, Settl, said, “We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune and Chennai where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality coliving centres in these cities.”
The company is in an advanced stage of discussion with a few property owners in three cities where it has a presence as well as three new cities. The agreements are likely to be signed by September. “The coliving segment was one of the worst affected sectors because of the closure of offices and educational institutions. But, it has bounced back sharply with employees returning to office fully or in hybrid mode,” Tripathi added.
Settl’s revenue increased to Rs 16.75 crore in FY 2022-23 from Rs 6.75 crore in the previous financial year. Settl is targeting Rs 41 crore revenue for the current financial year, driven by better occupancy levels in the existing centres and expansion in new as well as existing cities. “We currently are operationally profitable and are projected to become EBITDA-positive by the end of FY24,” Abhishek Tripathi said.
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