Student Housing Start-up Your-Space Secures $10 Million from AJAX Capital & Others
Your-Space, a student housing company, has secured $10 million (about Rs 75 crore) from a group of investors to help it expand and thrive.
According to a statement from Your-Space, the firm raised the money in Series-A fundraising using a combination of pure stock and convertible debentures.
AJAX Capital and Holy Basil Consultancy, the family offices of Shantanu Rastogi (General Atlantic) and Ajay Gupta (Capital Foods), led the capital round.
Manish Choksi's (Vice Chairman of Asian Paints) family office, Sunidhi Group's family office, and Sanjaya Gupta (former MD & CEO of PNBHFL) were among those that took part in the round.
Shubha Lal, co-founder and COO, remarked, “the fundraising is a testament to the confidence of our stakeholders in our value proposition- sharp focus on product management and redefining customer service standards at a reasonable price.”
She added, “the funds will help the company deepen its presence in a competitive crowded market.”
In nine locations, Your-Space has almost 7,000 operating beds. It aims to have more than 20,000 beds available by July of current year for the academic year 2022-23.
"It (funding) gives us the firepower to continue delivering global service standards at scale," underlined Lal.
According to Your-Space, the firm was founded with the goal of improving the lives of students while they study away from home.
It prioritises safety, comfort, community, and health.
According to the statement, "the company will utilise these funds for growth focusing on metros and tier I cities. They will also be enhancing operating robustness through a scalable, modular technology platform, which will help augment user experience and assist in building a large student community."
Your-team Space's will also be strengthened.
Nidhi Kumra, co-founder and CEO, said, “we are in the sector of Student Lifestyle! Our strategy for expansion is to remain focused on being the most preferred student housing brand in India.”
With the new surge of students to the top tier cities, just 30% of students are able to get on-campus housing, leaving 70% of students looking for other housing choices.
According to the business, the student housing industry would be worth more than $25 billion per year by 2025.
Rastogi remarked, “there is a significant unmet need for safe, comfortable, convenient and affordable lodging & community spaces for 30M+ migrant undergrad and post-grad students in India.”