Your-Space announced the opening of 7 new co-living facilities across Delhi-NCR, Mumbai, Chandigarh, Jalandhar and Pune. They now host 1200 beds across six operational cities with an average occupancy of 80-85 percent.
The latest launches have spewed from growing demand for standardised and quality student accommodation around universities and colleges. Depending on the city and location, the student housing startup charges anywhere between ₹12,000 – ₹25,000 per bed. Your-Space partners with property owners and developers on a fixed lease, revenue-sharing, or management contract basis, for a period of 5-12 years. It remodels and redesigns the properties according to students’ needs, factoring in services such as food, WiFi, laundry, security, etc. It also includes facilities like gyms, independent kitchens, food delivery and even shuttle-services to colleges.
Launched in 2016, the student-housing paltform claims to have recorded double-digit growth along with an increase in topline and bottomline within just 2 years of operation. Your-Space had raised about a million dollars in funding from angel investors and HNIs following which the startup decided to expand operations to 11 locations. They startup aims is to offer a safe and comfortable living environment that encourages community building while also maintaining a healthy balance between safety and privacy. The brand is also on panel with institutes of repute to offer housing solutions to its students.
Co-founder Karan Kaushish pointed out the expansion of the education market and Your-Space’s objective in having first-mover advantage to establish themselves as a pan-India student housing solutions provider. He added, “The core idea is to create a brand that is consistent in safety, comfort and quality – irrespective of the city or the specific facility.”
Nidhi Kumra, one of Your-Space’s co-founders shares, ““Aspirations of parents and children have gone up and the upper middle-class is willing to spend on better stay options. The significant demand for safer and more comfortable premium student accommodation has led to models like Your-Space to grow and scale.” Adding, “We want to become the Taj Vivanta of student housing sector.”