Housing startup Placio to raise $15 mn to fund expansionPTI | Mumbai | Updated: 14-06-2019 20:21 IST | Created: 14-06-2019 20:16 IST
Noida-based student housing startup, Placio is looking to raise USD 15 million in the next few months to fund its expansion plans. Established in 2016, Placio has already invested Rs 15 crore so far.
"We are in the process of raising up to USD 15 million in the next few months to fund our expansion plans. We hope to become a USD 1 billion company and build a portfolio of 1 lakh beds in 20 top cities across the country in the next three years period," Placio founder Rohit Pateria told PTI. Currently present in six cities, including Delhi NCR, Lucknow, Indore, Coimbatore, Mumbai, Jaipur, with a portfolio of over 3,000 beds, the company is also in talks with various colleges and universities and expects to take the partnership with over 50 universities across the 20 cities over the next three years.
In the last few years, besides traditional forms of rented accommodations like hostels, paying guests and shared apartments, organized accommodations such as co-living and student housing have come into existence. Student living is a USD 50 billion market in India and has a requirement of over 40 million beds, Pateria said. According to statistics, there are 750 universities, 40,000 colleges, 30,000 diploma colleges or ITIs and over 20 million students preparing for competitive exams who are moving from their home towns to new cities and also looking for student housing.
Despite the demand, the combined portfolio of all the other student housing companies operating today is not more than 25,000 beds. "Since there is a huge demand-supply mismatch, there is immense scope for all the players to co-exist and expand and become unicorn firms in a short span of time. We are targeting at having a portfolio of 1 lakh beds across top 20 cities in the next three years," he said.