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BENGALURU : Baskin Lake Investment Ltd, an affiliate of Warburg Pincus, has acquired HDFC Ltd’s 24.48% stake in Goldman Sachs-backed student housing startup Good Host Spaces for 216.18 crore.

Following the transaction, Baskin Lake, which now holds a significant stake in the company, along with Goldman Sachs will support Good Host’s growth by investing additional capital. Goldman Sachs continues to be a majority shareholder in the startup.

HDFC on Thursday evening said it has exited Good Host.

Goldman Sachs’ investment banking division advised Good Host on the transaction. Mint had first reported in January that a Warburg Pincus affiliate was set to buy HDFC’s stake in Good Host Spaces.

The startup was founded by Nimesh Grover and Stanley D’britto in September 2017. It operates around 18,000 beds across campuses of educational institutes, such as Manipal University, O.P. Jindal Global University and Shoolini University. The company said it is in talks with other prestigious institutes to expand its portfolio to 50,000 beds in the near-term.

“…Good Host is confident that with Goldman Sachs and Warburg Pincus as shareholders, our company will further strengthen its leadership position in this space and bring many more partner universities and students onto our platform by providing contemporary student housing to live, learn and grow in a safe environment," said Nimesh Grover, chief executive, Good Host.

The company is also hiring across verticals as it enters the next phase of growth, Grover said. “Good Host has had a remarkable journey since inception, from introducing the business model of operating student accommodation in partnership with universities in India, to scaling this platform to become the country’s largest student accommodation provider. This partnership delivers growth capital to universities helping them augment their educational capabilities while modernizing and introducing global best practices to student housing assets," Anish Saraf, managing director, Warburg Pincus India, said.

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