Co-living Provider Housr First Property in Hyderabad
Co-living provider Housr forays into Hyderabad with its first property in Kondapur this week and will have 12 properties by November with a cumulative capacity of 1,600-1,700 beds. The company has forayed into Hyderabad ahead of the Bengaluru and Chennai markets, realising the advantages offered by the State government’s proactive approach and encouragement to create corporate parks, infrastructure and higher salary levels in the city. Deepak Anand, founder & CEO, Housr stated, “We are going to roll out one property each week and we will have 12 properties in the coming 2-3 months. We will be catering to working professionals in Hyderabad. Once the offices open in the coming months, we see a big opportunity to cater to professionals working in BFSI, IT and startups. We provide end-to-end co-living services catering to the millennial population. We have already created work-from-home compliant rooms. We will be creating meeting rooms and other amenities in all the properties in the next two months to meet the needs of working professionals.” The company which works on asset-light model is leasing properties in Hyderabad and other cities where it is expanding. Most of the interaction with the customers happens on the app. More features will be added to improve customer experience and the platform will be soon handy to serve the needs of the supply side of activity. On growth strategy, Anand said, “We are also evaluating the inorganic route to expand our presence. We are exploring scope to acquire co-living companies in Hyderabad, Bengaluru and the NCR. We have shortlisted three companies and the due diligence is in progress and by the end of September, there should be substantial progress in terms of the proposed acquisitions.” The company is also exploring a hybrid model, where there will be co-living as well as co-working in the same property. “We are open to a mixed model and are not keen to look at standalone co-working spaces,” he added. Pan-India, over the next 18 months, the company wants to be in 12 cities with 30,000 bed capacity. “To meet our expansion needs, Housr plans to raise $30-40 million in the next quarter. After starting our operations in NCR, we have forayed into Pune, and are now expanding our operations in Hyderabad, Chennai and Bengaluru. We have 31 centres pan-India. Towards the end of 2021, we want to enter Ahmedabad and Indore,” Anand informed.
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