Viral Chhajer, Co-founder & CEO, StayAbode spoke to us about his new generation entrepreneurship and ideas with StayAbode.
Q1. Brief us about your business model?
StayAbode is using design, technology, service and brand to create co-living spaces that foster a hassle-free community living experience. The company began operations in August 2016 with the launch of our first co-living space Nestor which is in Koramangala and spread across 22,000 sq.ft. StayAbode is a concept focused on fostering a sense of community, of living together, of sharing space, costs, resources and time with like-minded people. We also provide a host of interest-based socializing spaces in the properties to build a strong community.
Devashish, one of my cofounders, had this idea while backpacking across Europe and staying in various community hostels. That’s when the idea of living in a community with a group of like-minded individuals really stuck. He then came back to India and teamed with Varun and myself to make this a viable business. At StayAbode residents can sign up for stay durations between 3-11 months.
Q2. What is the USP of StayAbode which sets it apart?
As a community living space, our properties are more than just a fully furnished flat. The focus for us is to build communities of like-minded people who enjoy living together. This is what sets us apart from everyone else in this space.
Our homes are also fully managed, which means that, our community members come back to a clean home every single day. This, along with a host of other amenities helps us deliver a boutique hotel-like experience at our properties.
We’re making available communities of like-minded people to our residents plugged in with a very hassle free living experience where one comes back home to clean sheets, has all his/her bills paid and his home cleaned every day. One just has to bring his clothes and we take care of the rest all through his/her stay.
Q3. How do you plan to compete with the existing such brands?
The rental real estate market is highly unorganised with the lack of any brand with significant market share. It is estimated that there are over 2.5 crore rented homes in urban India alone. Having said that, the biggest player in the space holds lesser than 0.1% market share from this perspective.
Q4. Brief us about your future plans?
We are looking at expanding to 1200 units by the year end. We are currently in Bangalore with 500 units across 9 properties and plan to expand to other cities in due course.
Q5. How do you see the coming year 2018 in terms of your growth?
We are positive about our growth as more and more people are opening up to the idea of co-living. Instead of going through the hassle of looking for flat-mates in an unknown city, anyone can now move into a fully furnished ready to occupy home and feel at ease. As a provider of comfort and community, StayAbode will explore new markets in 2018 and expand to provide better stay options to every individual in need of a house in a new city.