Settl, Co-living Startup, Achieves 100% Revenue Growth in FY23, Plans to Expand Bed Capacity by 3,000 by March

• ByStartupStory     |    July 3, 2023

Settl, a leading co-living operator, has witnessed a remarkable surge in its revenue, recording a two-fold increase to nearly Rs 17 crore in the last fiscal year. The company, which focuses on providing high-quality rental accommodations to working professionals, currently operates 40 centers across Bengaluru, Gurugram, and Hyderabad, totaling approximately 2,000 beds. Now, Settl has announced its intention to expand its operations into Noida, Pune, and Chennai markets, further solidifying its presence in the co-living sector.

Settl Co-founder, Abhishek Tripathi, stated, “We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune, and Chennai, where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality co-living centers in these cities.”

To facilitate its expansion plans, Settl is in advanced discussions with property owners in the three cities where it already operates, as well as in the new markets. Agreements with these property owners are expected to be finalized by September, marking a significant step forward for Settl’s ambitious growth strategy.

Settl differentiates itself through an asset-light model, partnering with property owners rather than relying solely on rental properties. This approach enables Settl to scale rapidly and seize emerging opportunities in the market.

“The co-living segment was one of the worst-affected sectors due to the closure of offices and educational institutions. However, it has bounced back sharply with employees returning to the office fully or in hybrid mode,” explained Tripathi, emphasizing the resilience of the industry.

Tripathi also highlighted the ongoing demand for rental accommodations, stating, “Employees will need rental accommodations in cities even if they have to go to the office for 2 days a week.”

Settl’s revenue skyrocketed from Rs 6.75 crore in the previous year to Rs 16.75 crore in the last fiscal year. The company is currently operationally profitable and aims to achieve positive earnings before interest, taxes, depreciation, and amortization (EBIDTA) by the end of the 2024 fiscal year.

Settl operates as a full-stack co-living operator, securing long-term leases for assets owned by builders and property owners. This approach allows Settl to offer a wide range of high-quality co-living and community-living solutions to working professionals, coupled with various benefits designed to enhance their living experience.

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