Venture Catalysts is placing its bet on the rental accommodation sphere and has invested $1.5 million in — one of the leading tech-based, hassle-free rental accommodation providing platforms for students and young professionals in India.
has raised the capital as part of its Pre-Series A funding round and it aims to leverage the funds for enhancing the inventory it offers as well as to ramp up its technology architecture.
Investors who participated in this funding round include Arisht Jain of Samyakth Group; Vikas Bohra and Vishal Shah in addition to the participation from developers, HNIs, real estate professionals, family offices, private equity funds, wealth management companies others.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder and President of Venture Catalysts, said,
The rental accommodation sphere caters to one of the most basic needs of consumers yet it continues to be highly fragmented and plagued with key problems pertaining to quality, transparency and high brokerage fees. Grexter eliminates all these lacunae with its unique and tech-driven business model. It is also creating a robust co-living ecosystem in India and we are certain that it will successfully capture a lion’s share of the USD 20 billion accommodation rental market through its innovative approach.
The company provides state of the art co-living spaces to those looking for hassle-free and cost-effective community living options. Problems such as hefty brokerage fees, low-quality homes, sky-high rents and deposits, and picky homeowners are all eliminated when one moves into a Grexter property. The platform standardizes, simplifies and enhances the house hunting experience for students and working professionals who aren’t looking for traditional housing options but for contemporary living solutions that cater to their lifestyle preferences and enable them to co-live with other like-minded individuals.
On raising funds from Venture Catalysts, Pratul Gupta, Founder, Grexter said,
We are confident that with the mentorship and the influx of funds from Venture Catalysts we’d be able to accelerate the growth of Grexter and invigorate our tech platform as well. We envision to scale up rapidly and accommodate over 5000 beds by the end of 2019. This is the start of another exciting chapter in our growth story.”
The startup offers fully-furnished state of the art co-living spaces, wherein the rent covers all amenities and services like bills, internet, DTH, daily housekeeping etc. Grexter is currently at approximately 1,500 beds across Bangalore and plans to significantly increase that number in the near future.