Active Stocks
Tue Mar 19 2024 09:21:05
  1. Tata Consultancy Services share price
  2. 4,032.40 -2.71%
  1. Tata Steel share price
  2. 149.10 -0.33%
  1. Power Grid Corporation Of India share price
  2. 266.25 0.47%
  1. Tata Motors share price
  2. 962.15 -1.03%
  1. HDFC Bank share price
  2. 1,440.45 -0.40%
Business News/ Companies / Start-ups/  Co-living venture Guesture in talks to raise $50 million
BackBack

Co-living venture Guesture in talks to raise $50 million

The company plans to raise the funds in the next 12 months
  • Guesture has been primarily self-funded and its founder has invested ₹75 crore so far
  • Guesture recently added 2500 beds to its Guesture Wellington property in Electronic City, spread across 3.5 lakh sq ft. (Photo: Reuters)Premium
    Guesture recently added 2500 beds to its Guesture Wellington property in Electronic City, spread across 3.5 lakh sq ft. (Photo: Reuters)

    Bengaluru: Guesture, which provides shared, rental accommodation, is in talks with investors to raise $50 million, as the Bengaluru-based firm plans to expand its presence to other cities, said a top executive.

    Guesture, which is a subsidiary of Shanders Group, is currently developing a 40-acre youth city in Electronic City, Phase 2 in Bengaluru and plans to have around 4,00,000 beds across 20 micro-markets in different parts of the country by 2025.

    “We are in discussion with private equity funds, strategic investors and sovereign funds. We are also exploring raising funds from global markets and exchanges," said Pramod Kumar, director, Guesture.

    The company plans to raise the funds in the next 12 months.

    Guesture, which has been operational for around four years now, has been primarily self-funded and its founder Sriram Chitturi has invested 75 crore in the company so far. It has received debt funding from the State Bank of India (SBI), Kumar said.

    The firm, which targets students and millennials between 18 and 35 years of age, currently runs two properties that cater to working professionals and students from Symbiosis, Azim Premji University, IFIM Business School among others.

    A slew of start-ups are offering millennials co-living facilities, comprising outstation students and young professionals, who need a place to stay. Alternate living models typically comprise student housing and shared co-living facilities with all utilities and amenities, community kitchens and family rentals.

    Nestaway, OYO Life, StayAbode, Stanza Living and Zolo Stays are some of the other operators of co-living facilities across the country.

    Guesture recently added 2500 beds to its Guesture Wellington property in Electronic City, spread across 3.5 lakh sq ft.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 11 Nov 2019, 10:41 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie