Placio, a Noida-based student housing startupnlaunched in March 2016, announced the company has raised pre-series A funding from Prestellar Ventures, a Singapore-based private equity fund for $2 million to provide superior student living experience in India and Southeast Asia. With this, Placio will leverage the network and experience of the fund in redefining student hostel hospitality sector by increasing the existing capacity 20 times this year.
With this fund, Placio plans to utlize in acquiring additional beds in order to provide a seamless technology platform to students with features such as hostel management system, roommate matching and search, value added services like food ordering, booking of events, CRM system and others via in-house mobile wallet.
The total number of beds in campus housing and private hostels currently available in India is close to 6.1 million. There is a vast untapped market with 50 million students studying in colleges and universities and 60 to 65 percent students studying outside their home town. With the funding now in place from Prestellar Ventures, Placio intends to capitalise on this large potential market.
“Placio is a highly scalable venture with IT enabled processes to provide an organized structure in a highly fragmented industry. We will work alongside the very competent Placio team and offer significant value additions through the hospitality arm of CG Group.” said Atim Kabra, board of directors and investment committee of Prestellar Ventures. “Placio has been able to address the needs of the rapidly expanding college student population of India by providing safe, clean, amenity-filled housing with a strong community and technology backbone. The company has been able to grow its footprint so far with limited resources and we hope to provide the company with capital and our in-house platform for its next phase of exponential growth.” said Rabindra Shrestha, managing partner of Prestellar Ventures.
“Student housing is an interesting sector promising growth, as there is an immense undersupply of such purpose-built accommodation in India. I can confidently say, that this is where hospitality meets business keeping in mind our vision is to entirely redefine ‘student living’ by creating boundary-blurring spaces and colourful experiences to connect and thrive in smart design co-living. This, we believe will change the way the students live and study for academic success,” says Rohit Pateria, cofounder and CEO, Placio
“Placio is a complete broker-free platform that inspires community living where for us our consumers experience is more important than simply providing housing for students. Placio brings into light the refreshing, modern yet secure concept of co-living which will help young, like-minded students to live together and connect. Placio is also well known for its warm hospitality. The friendly atmosphere among students and the pleasant environment here offer more than just accommodation.” says Ankush Arora, cofounder and COO, Placio.