Settl has come as a disruption by working on the concept of co-living. They employ technology to provide a living space that is in accordance with the taste and lifestyle of the young working professionals.
Currently operating in Bengaluru, Hyderabad and Gurugram, Settl offers multi-city and multi-location living spaces and the demand for such managed rented homes is rising with the changing patterns in the working conditions caused by the COVID-19 pandemic.
Settl in a release said, it is going to add 1,000 more beds in Hyderabad on Monday. Due to the return to office policies being adopted by many firms, asking their employees to start working from office spaces, there is a surge in demand for managed rented homes from working professionals.
Settle was founded in 2020 by Abhishek Tripathi, Bharath Bhaskar and Ashok Reddy Sagar. Currently, it has 1,500 beds in cities like Bengaluru with 900 beds in Hyderabad and Gurugram with 300 beds each.
Making the announcement, Abhishek Tripathi, Settl Co-Founder said “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 1000 more beds by the end of FY’2023”.
“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,” Tripathi said.
At present, the company has five co-living centres around locations like Madhapur, Gachibowli and Jubilee Hills and the charges are around 9k-12k ₹ per bed per month. The business model of Settl is to own the properties from local property owners or builders on a long-term lease basis and then sub-lease the place to working professionals according to their requirements. Settl claims to provide the following facilities, like Fully Furnished accommodation, 24/7 Power Backup, Regular Cleaning & Maintenance, High Speed Internet, On-Site Laundry, Tech-enabled 24/7 security.
Settl has raised an amount of USD 5,00,000 so far from investors like ah! Ventures and We Founder Circle.