Co-Living Startups Reshaping Living Experiences in India: Top Innovators

The face of the housing market has undergone a bit of a transformation in recent years, driven by diverse factors such as evolving needs, preferences, changing demographics, and soaring costs. One of the more interesting trends to emerge is that of co-living.

Living spaces, often seen as a place of solitude in decades gone by, are witnessing a sea change as Millennials and Gen Z reshape it in their own image. Dispensing with traditionally isolated apartments, they are embracing co-living spaces en masse, thanks to the sense of community, affordability, and flexibility on offer.

Indeed, the co-living market in India is on a tear at the moment. Driven by the increasing demand for urban housing, and born of the increasing unaffordability of it, Gen Z has done things their way and turned to co-living in a big way. According to a report by Cushman & Wakefield, the co-living market in India is expected to grow at a compound annual growth rate (CAGR) of 17 per cent from 2020 to 2025, reaching a value of USD 40 Billion by 2025.

Some of the key players in this space are making big moves to cement their position.

Union Living: A leading co-living startup, Union Living is set to expand its footprint with an addition of 1,000 beds across key locations in the Mumbai region in 2024. The company, founded in 2020, currently operates 1,050 beds across Mumbai, Pune, and Ahmedabad. The expansion, involving an investment of Rs. 10 crore, will focus on areas like Mahalakshmi, Juhu, Khar/Santacruz, Goregaon/Malad, Chembur, and Navi Mumbai. Three of these properties will be Built-to-Suit (BTS), offering customized facilities. Union Living aims to create vibrant living spaces for millennials and Gen Z.

As part of its commitment to quality co-living spaces, Union Living’s expansion plans extend beyond Mumbai, with intentions to introduce new properties in Pune and other cities. The demand for co-living spaces remains strong, driven by a diverse target audience, including working professionals and students aged 18 to 35.

Stanza Living: Founded in 2017 by Sandeep Dalmia and Anindya Dutta, Delhi-based Stanza Living is a tech-enabled managed accommodation startup providing a variety of amenities such as chef-curated F&B options, housekeeping, and laundry. With a recent $57 million debt financing, Stanza Living boasts an inventory of over 75,000 accommodations for students and working professionals in 23 cities across India. The startup has expanded its offerings with a new business vertical in campus facility management.

Settl: Launched in 2020 by Abhishek Tripathi, Bharath Bhaskar, and Ashok Reddy, Bengaluru-based Settl focuses on ensuring safe, furnished, and ready-to-move properties for migrants, offering amenities like 24*7 power backups, high-speed internet, and regular cleaning. Settl aims to create convenient and high-quality living experiences for young millennials, leveraging technology-enabled co-living spaces.

Your-Space: Established in 2016 by Shubha Lal and Nidhi Kumra, New Delhi-based Your-Space specializes in student housing. The startup provides a secure environment with services such as 24*7 security guards, CCTVs, biometric access, Wi-Fi connectivity, air-conditioning, laundry, gym facilities, and study rooms. With over 7,000 operational beds, Your-Space plans to reach over 20,000 beds by July 2022.

CoLive: Founded in 2016 by Suresh Rangarajan, Bengaluru-based home rental startup CoLive offers fully-furnished serviced homes for rent, equipped with upgraded facilities. The startup manages an inventory of more than 40,000 beds, emphasizing affordable and well-equipped living spaces for students, young professionals, and couples in urban areas.

NestAway: Established in 2015 by Deepak Dhar, Jitendra Jagadev, and Amarendra Sahu, Bengaluru-based NestAway provides affordable rental solutions. In 2019, the startup raised $10 million from Tiger Global and Chiratae Ventures. NestAway focuses on creating value for its target audience and, in February 2020, acquired apartment management solution ApnaComplex to further enhance its growth.