In Conversation with Covie’s Abhishek Kumar about the Future of Co-Living

The co-living movement has gained remarkable momentum, transitioning from an unconventional housing choice to a sought-after lifestyle. As we look ahead, this trend is poised to soar, driven by a collective yearning for community, convenience, and affordability. The future of co-living promises to be an exciting one, where innovative design and technology converge to create harmonious shared spaces that foster connections and personal growth.

Co-living providers will continue to evolve, offering curated experiences tailored to diverse preferences and life stages. From vibrant urban hubs to tranquil retreats, the options will cater to a wide range of lifestyles, allowing individuals to find their ideal balance of privacy and social engagement. Moreover, the integration of smart home technologies and sustainable practices will further elevate the co-living experience, aligning it with the values of eco-consciousness and community-driven living.

In an exclusive interview with Marksmen daily correspondent Neeraj Tiwari, Abhishek Kumar, the Co-Founder of Covie, delves into the future of co-living and the innovative strategies that have propelled the co-living company’s success in India. From his transition from a seasoned career in project management, real estate, and private equity to the inception of Covie in 2020, Abhishek shares his motivation, vision, and the distinctive features that set Covie apart from conventional housing options. 

Q: What were you doing before founding Covie?

A: Transitioning from a decade-long career in project management, real estate, and private equity, I ventured into entrepreneurship in 2014. The idea for Covie emerged in 2020.

Q: What inspired you to launch your Co-living venture in India? Can you share the motivation behind it?

A: The burgeoning shared economy, particularly among millennials and Gen Z, intrigued me to explore opportunities in the startup realm. Leveraging my expertise, I identified a demand-supply gap near universities and business hubs, aiming to create a premium product blending top-notch infrastructure and hospitality services to cater to evolving community needs.

Q: What makes your co-living concept different from conventional housing options?

A: Co-living offers convenience, comfort, and a collaborative environment, nurturing community living. We provide flexible contracts, fully furnished spaces, and comprehensive services tailored to urban-centric locations near educational institutions and workplaces.

Q: How do you cultivate community and inclusivity among residents within your co-living facilities?

A: Our approach involves curating a diverse mix of residents, organizing community events, and facilitating connections based on shared interests and activities to foster a sense of belonging and inclusivity.

Q: Could you shed light on the amenities and services offered at your co-living spaces?

A: Our facilities boast premium infrastructure, including collaborative spaces, gymnasiums, community kitchens, and cafes, complemented by services such as housekeeping, laundry, Wi-Fi, security, and dedicated community managers.

Q: How do you ensure affordability in the co-living arrangements in the Indian market?

A: While targeting the premium segment, we ensure value for money through quality services, attracting discerning customers who prioritise quality over price.

Q: How do you utilise technology and innovation to enhance the co-living experience?

A: Our tenant app integrates community engagement, payments, and monitoring, while advanced security measures and prepaid electricity meters enhance control and monitoring.

Q: Balancing community engagement with residents’ privacy is crucial. How do you manage this balance?

A: We strike a balance by designating communal spaces, involving tenants in event planning, and employing CCTV surveillance without compromising privacy.

Q: What challenges did you face while establishing and expanding your co-living business in India?

A: Initial hurdles included convincing landlords, creating awareness, overcoming financial constraints, and acquiring quality supply from developers.

Q: How do you approach fund management within your co-living company?

A: We prioritize financial prudence, conduct thorough market analyses, and maintain a balance between revenues and expenses to sustain operations and minimize cash burn.

Q: What are your plans for the future expansion of Covie?

A: We aim to grow our student housing vertical, launch select co-living properties, explore build-to-suit opportunities, and capitalize on the burgeoning rental housing market as India’s growth trajectory unfolds.