Truliv, a Chennai-based Co-living and Holiday Homes startup, successfully raised a pre-seed round of $1.5 million Growth fund from various investors led by Conquest Global Ventures VCC, Vara Future LLP, and others at a post-money valuation of Rs. 60.0 Crs. This is the first Chennai-based Coliving startup to raise a seed round.
Mr. Rohit Reddy Co-founder, Truliv
Coliving is an alternate real estate offering that offers high-quality, well-located shared rental accommodation. This is driven by Millennials who want convenience & ease of living. Coliving is convenient as it provides a desirable house at affordable costs and a much-needed community living experience. As corporate India moves to a hybrid work style, the young workforce will always seek options and better living spaces that allow WFH to run smoothly. Coliving demand is set to grow 10x within the next decade and is expected to double by 2024 from current levels as per the latest Colliers reference. The Coliving model is set to solve the affordable housing problems at least for the young workforce who can find plug & play accommodation.
The Potential of the Industry
A report by Colliers International indicated that there are currently 50+ operators in the Co-living space, getting an expected yield between 7 to 9%, with approximately 210,000 beds in the organized space with rental ranges between Rs. 8,000 to 14,000 per month. The market value of organized players in the Co-living industry is around INR 25000 crores and this sector has seen PE Investment of USD 900+ mn.
Demand drivers for Coliving include rising workforce trends, an inefficient unorganized sector that includes demand-supply gaps and poor facilities, migration towards urban centers, and an increasing student population. Organized Coliving is concentrated largely in metro and tier 1 cities of India with expansion being witnessed across Tier II cities as well. The Colliers report stated that 210,000 beds during Q4 of 2021 saw 70% occupancy.
The concept of shared economy got severely tested during the peak of the pandemic. Factors such as uncertain economic conditions resulting in the loss of jobs, work from home and the shift of migrant population to their respective hometowns brought the evolving Co-living sector to an immediate halt. With the situation improving rapidly, the sector has recovered substantially and is looking more optimistic. Co-living has a strong long-term potential in metro cities. However, the current market scenario has presented an opportunity to consolidate and reconfigure the market. While many players have exited the business as they could not sustain the financial stress of the previous years, others have capitalized on the opportunity to strengthen their position by strategic acquisitions and expansion in prime locations within the metro cities.
Quotes
Speaking on this occasion, Mr. Rohit Reddy Co-founder, Truliv said, “Truliv intends to utilize these funds for the growth of its Co-living, and Holiday Homes business verticals. The company targets to reach 7000 Coliving beds in Chennai, by 2025, which is a 3X increase from its current capacity, and to 36 Holiday Homes across Tamil Nadu by 2025 which is a 5X increase from its current capacity. Our scale-up plan for Coliving and Holiday Homes is backed by the demand we see in this space. Coliving has immense potential since it is flexible, convenient, and social. Truliv will en vigor to be at the forefront of India’s growth story by providing alternative and convenient solutions for the future.”
Mr. Ranjeeth Rathod, Co-founder, Truliv said, “Were grateful to our investors for believing in our growth potential as firmly as we do. This funding will take us one step closer to our long-term goal of expanding pan India and becoming one of the market leaders in the Co-living space. The Demand for shared living spaces is expected to rise significantly over the next few years. Our aim is to provide quality and convenience of living at an affordable cost.” Truliv is the only operator in the country to promote Built to Suit Coliving spaces that are of the highest standards.
Incorporated in 2019, Truliv is a subsidiary of DRA created for the purpose of redefining alternate real estate class. Truliv provides housing and community solutions for all demographic populations of India right from millennials to retired people. The COVID pandemic disrupted lives and forced people to make alternative plans for their housing driven more by an urge to stay within proximity of their workplaces. Post-pandemic, shared housing models like Coliving have seen increased demand and acceptance, especially from the millennials.
About Co-living
Co-living is a professionally managed process-oriented organization operating in the Co-living spectrum with a collective experience of over half a century. Co-living offers an unbeatable combination of comfort, convenience, and affordability, thereby enhancing the living experience for customers between the ages of 18 to 35. Currently in Chennai, Co-living is seeking to grow Pan India as part of its horizontal growth expansion plans. With Demand for shared living spaces expected to rise significantly over the next few years, Co-living is poised to offer Quality & convenience of living at affordable cost throughout India
About Holiday Homes
Truliv Holiday Homes offer the perfect getaway for small families & groups. Situated by the beaches of ECR, these homes offer Unending greenery and spectacular panoramas in private, with comforts to rival the best-star Hotels.
The Villas offer all the comforts of home in a serene and picturesque setting enhancing guest experience by offering customization options to meet individual preferences
Holiday Homes follow rigorous cleaning protocols to ensure that each property is thoroughly sanitized before arrival. Adoption of eco-friendly practices and promoting sustainable tourism coupled with exceptional hospitality and creating unforgettable experiences is what drives Holiday Homes
A romantic escape, a family adventure, or a group getaway, trust Truliv Holiday Homes to provide you with an exceptional vacation experience. Truliv Holiday Homes is currently exploring alliances with corporate clients to provide accommodations for business travellers & corporate retreats
