Settl Revenue Doubles to Rs 33 Cr in FY'24: Co-living Growth

New Delhi, May 28 (PTI) Co-living operator Settl. revenue has more than doubled to Rs 33 crore during the last fiscal year mainly driven by expansion of its portfolio.

Its revenue stood at Rs 15.5 crore in the 2022-23 financial year.

Proptech startup Settl., which started operations in 2020, takes residential space on long-term lease from builders and asset owners and then design-develop properties according to the needs of occupants, before further leasing the space to working professionals.

At present, Settl. has more than 60 co-living centres in Bengaluru, Hyderabad, Chennai and Gurugram comprising 4,000 beds.

Settl. founder Abhishek Tripathi told PTI that its turnover has grown to Rs 33 crore last fiscal, from Rs 15.5 crore in FY23. "This is because of expansion of our bed capacity and also an average increase of 10 per cent in per-bed charges."

"Tech hubs like Bengaluru, Chennai, Gurugram and Hyderabad, are witnessing a surge in demand for co-living spaces from young professionals and students. MNCs as well as domestic companies setting up shop in these cities are fueling this even further.

"The young generation craves a comfortable, connected lifestyle, and co-living offers exactly that," he said.

Settl. offers beds for rent ranging from Rs 11,000 to Rs 24,000 per month, depending on the location, city, and available amenities.

In January, Settl. had raised Rs 10 crore from investors, including Gruhas and We Founder Circle, to expand its business. In the Pre Series-A round the company had raised Rs 15 crore from investors.