Hyphen, formerly called Dwellingo, on Thursday announced the raising of $1 million (approximately ₹8 crore) from investors in a pre-seed round. The company plans to utilise the proceeds to expand the business into new markets.
The fundraised comprised a combination of equity and minority debt, with the participation of notable angels from Silicon Valley and Sriram Puthucode, former VP at Symantec Global in the pre-seed round.
The company plans to utilise the fresh capital for expanding into new markets, launching new products, and integrating technology and automation.
Rishi Sreedharan, Co-Founder & CEO of Hyphen said, "People are drawn towards experience-focused, de-densified living; the pandemic helped accelerate this push. In fact, 76 percent of consumers are more likely to spend on experiences than materialistic things. As people move back into the city, they are looking for something different, and the run-of-the-mill shared-living experience will no longer cut it," as per the PTI report.
Hyphen plans to have 6,000 beds and expand into five markets, starting with Hyderabad, Pune, Chennai, and Delhi-NCR, by 2023. It launched its first property in August 2021.
The co-living operator was founded by Anirudh Rao, Grishma Reddy, Rishi Sreedharan, and Samarth Gowda in June last year.
