Settl, a technology-driven managed accommodation platform, has bagged an investment worth $500K in the seed round. The funding round witnessed participation from an esteemed array of investors, such as We Founder Circle, ah! Ventures and other angel investors like Saurabh Jha (Director Growth and Analytics, Housing.com), Ashu Dubey (Principle Product Manager – LinkedIn), Mahesh Pillai, Senior Vice President, Pierian Services Private Limited and Abdul Paravengal (ex CBO, Shipper).
Bharath Bhaskar, Co-Founder, Settl, said they are building a network that caters to the modern needs of Flexi living where Settl brings thoughtfully designed spaces and curated experiences with a bunch of amenities that makes city living effortless.
Neeraj Tyagi, Co-Founder and CEO, We Founder Circle, said Settl is disrupting the co-living concept by offering fully managed living spaces using their years of experience in this domain. “They offer multi-city, multi-location, beautiful 1&2 BHK options at your fingertips using smart tech. Their property options are designed keeping in the taste and living standard of urban young executives and so no doubt they are growing fast. We are happy to support the founders and excited to look at the future growth potential.”
Karn Rajani, Venture Partner, ah! Ventures, said there are competitors in the space, but the space still has a lot of potential. “Since COVID and work from home are coming into play – a lot has changed for the real estate world and in the rental space. Hence, a lot of people are investing to enter the market at its lowest. A lot of changes are expected to happen. Although everyone is learning as they go, the early entrants would benefit the most. Settl has great potential to become a beautiful one-of-the-first mix of co-living + co-working if the founders play their cards right. The founders have strong industry expertise, and their GTM and business expansion strategy is also clear and aggressive.”
Settl plans to deploy the funds to enhance the technology stack and acquire more supplies. Additionally, the start-up plans to expand aggressively across cities including Delhi-NCR, Pune and Chennai, targeting creating an inventory of more than 2000 beds in the next six months for the urban professionals.
In a short span of slightly more than a year, Settl has already locked 1200 beds across two cities. It is witnessing a rise in demand at the rate of 30% quarter on quarter. With the fresh funds infusion, it aims at serving over 3000 clients per month.
Settl, a Bengaluru based, technology-driven managed accommodation platform, is focused on providing an appropriate and quality living experience for the urban working inhabitants. The start-up helps millennials to save their valuable time for things. They provide well furnished rooms, 24/7 power backups, high-speed internet, normal deposits, to all-inclusive rent. The USP of the company is to facilitate with tech-enabled property management.