News: Your-Space to operate 20,000 beds by the upcoming academic session-02-03-2022
NCR-based student housing company Your-Space is in talks to operate 20,000 beds by the upcoming academic session as colleges have reopened and demand is back for managed accommodation for students, Nidhi Kumra, founder of the company told ET.
NCR based student housing company YourSpace is in talks to operate 20,000 beds by the upcoming academic session as colleges have reopened and demand is back for managed accommodation for students, Nidhi Kumra, founder of the company told ET. The company, which currently operates about 8000 beds, said the occupancy has reached 85% and at many centres, space is not available at main centres because of the demand.
While we will expand our presence in Delhi and Mumbai, which has the biggest share of our business, we will enter 2-3 new cities as well,” said Kumra. With 90% of the market is still unorganised, student housing sector in India is expected to witness investments of over USD 700 million in the next few years. The company targets to operate over 75,000 beds by 2025.
Your-Space currently has facility in Delhi, Mumbai, Pune, Indore, Ahmedabad and Jaipur. “Most of our centres are operating at close to 90% occupancy except Delhi where the restrictions lasted longer. As colleges are now allowed to open, we expect the occupancy to grow and we want to be ready when the demand comes,” Kumra said. The company has also done tie ups with few colleges and is in talks with more to lease and operate student housing facility near the college. The brand has received a USD 10M infusion in their Series ‘A’ funding in November 2021. Your-Space has tripled the size of their business over the last two years. “After nearly two long years, Universities are opening its doors to students and campus is back to life. A reliable student housing solution is the need of the hour with the sudden increase in demand,” said Venayak Gupta, Chief Revenue Officer, Your-Space. The company has reported Rs 7 crore revenue every month in 2021-22 and is expected to take it to Rs 20 crore every month in 2022-23. “We at Your-Space are seeing a massive increase in weekly conversions post reopening announcement. Our insights reveal a massive increase in website visitors with an increase in the time spent on our pages, promising a strong interest in quality housing solutions amongst students,” said Gupta. Most of the operators in co-living/student housing are not only active across major cities but also have a presence in educational hubs such as Dehradun, Jaipur, Chandigarh, Indore, Vadodara, Jalandhar and Kota.
