Student housing startup, Placio has raised a pre-series A funding from Singapore-based Prestellar Ventures of $2 million. The funds raised will be used to acquire beds to provide an enhanced technology platform to students and to improve its existing capacity by 20 within the year.
“Placio is a complete broker-free platform that inspires community living where for us our consumers experience is more important than simply providing housing for students. Placio brings into light the refreshing, modern yet secure concept of co-living which will help young, like-minded students to live together and connect,” says Ankush Arora, cofounder and COO, Placio.
Along with the hostel management system, the Noida-based startup offers features like roommate matching and search, value added services like food ordering, event booking, CRM systems and more via in-house mobile wallet solution.
With around 50 million students studying in colleges and universities around India, about 60-65 per cent are outside their hometowns. Currently, there are only 6.1 million beds in campus housing and private hostels available in India, this leaves a large untapped market which Placio is now looking to capitalise on.
Rohit Pateria, cofounder and CEO, Placio says, “Student housing is an interesting sector promising growth, as there is an immense undersupply of such purpose-built accommodation in India. I can confidently say, that this is where hospitality meets business keeping in mind our vision is to entirely redefine ‘student living’ by creating boundary-blurring spaces and colourful experiences to connect and thrive in smart design co-living. This, we believe will change the way the students live and study for academic success.”
Founded in 2016, Placio is solely focused on students which is largely untapped even by other online rental space startups. However, using technology, the online home rental industry is booming in the recent past with several players across India coming in.