Co-living startup Settl raises Rs 10 crore from Nikhil Kamath-backed Gruhas, We Founder Circle, and more

Co-living startup Settl raises Rs 10 crore from Nikhil Kamath-backed Gruhas, We Founder Circle, and more

Co-living startup Settl has raised Rs 10 crore in a pre-series A round from Zerodha’s Nikhil Kamath-backed venture capital fund Gruhas, early-stage investment platform We Founder Circle, the company said on Tuesday. Anthill Ventures, Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP and Ekyum also participated in the round.

The startup said it will use the fund for working capital, team expansion, and technology. The latest round takes the total fundraising by Settl to Rs 15 crore from investors.

Founded in 2020, Settl offers co-living spaces, PGs, and apartments for rent with a presence in Bengaluru, Hyderabad, Gurugram and Chennai. The company has more than 60 co-living centres with a total capacity of 4,000 beds, targeted mainly at working professionals. It provides rental accommodations in a price range of Rs 12,500- Rs 18,000 per bed.

Settl said it allows users to search for and rent shared living spaces, individual rooms, or entire apartments that are fully furnished and equipped with modern amenities.

“The shift from rural to urban living is transforming cities and Settl. embodies this change. It’s a community-driven space that’s safe, inclusive, and tech-driven. Gruhas is excited about investing in Settl, it also marks our second investment in the first cohort of the Gruhas Aspire accelerator program for prop-tech and cleantech ventures,” said Abhijeet Pai of Gruhas.

Currently worth $6.6 billion, the managed living sector has the potential to triple in size to $21 billion by 2030, according to Settl.