MUMBAI: Settl, a technology-driven managed accommodation platform, has raised $500,000 in seed round. The funding round witnessed participation from We Founder Circle, ah! Ventures, and other angel investors like Saurabh Jha, director- growth and analytics, Housing.com; Ashu Dubey, (principal product manager-Linkedin; Mahesh Pillai, senior vice president, Pierian Services Pvt Ltd; and Abdul Paravengal, ex CBO, Shipper.
Settl plans to deploy the funds to enhance its technology stack and acquire more supplies. It also plans to expand aggressively across cities, including Delhi-NCR, Pune, and Chennai, targeting an inventory of more than 2000 beds in the next six months for urban professionals.
“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…” said Neeraj Tyagi, co-founder and CEO, We Founder Circle.
“We 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” said Bharath Bhaskar, co-founder, Settl.
“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…”, said Karn Rajani, venture partner, ah! Ventures.
In a little over a year, Settl has locked 1,200 beds in two cities. It has been witnessing 30% rise in demand quarter on quarter. Following the fresh fund infusion, it aims to serve over 3,000 clients per month, the startup said.
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