Student housing startup Your-Space has raised around Rs 75 crore from a group of investors for expanding its business. The company raised the amount in Series-A funding through a combination of pure equity and convertible debentures, the company said in a statement.
The funding round was led by personal investment from Shantanu Rastogi (General Atlantic) and Ajay Gupta’s (Capital Foods) family office AJAX Capital and Holy Basil Consultancy. The round also saw participation from Manish Choksi’s (Vice Chairman at Asian Paints) family office, Sunidhi Group’s family office and Sanjaya Gupta (former MD & CEO of PNBHFL), among others.
Your-Space will utilize these funds for growth focusing on metros and Tier I cities. They will also enhance operating robustness through a scalable, modular technology platform, which will help augment user experience and assist in building a large student community, the company said.
“The fundraising is a testament to the confidence of our stake holders in our value proposition – sharp focus on product management and redefining customer service standards at a reasonable price. The funds will help us deepen our presence in a competitive crowded market. It gives us the fire power to continue delivering global service standards at scale,” said Co-founder and COO Shubha Lal.
Your-Space was founded in 2016 by Shubha Lal and Nidhi Kumra. The company is currently operational across locations in Delhi, Noida, Mumbai, Hyderabad, Ahmedabad, Indore, Jalandhar, Bangalore, Gurgaon, Pune, Dehradun, and Jaipur with operations in Hyderabad and Kolkata underway. It has over 7,000 operational beds in nine cities. It targets to have more than 20,000 beds by July 2022 for the 2022-23 academic year.
The company uses technology-based approach for a student-based environment, and has more than 60 smart spaces which have tech-enabled safety features such as facial recognition, biometrics, digital locks.
Your-Space was formed with a purpose to better the students’ world while they toil hard to study away from their homes, the company said. The student housing market size is projected to reach over $25 billion annually by 2025, the company said.