Homversity is on a massive expansion spree. The AI-enabled startup is planning to make its presence felt in 100 more cities with 5 lakh beds by 2023-2024.
Student housing has a vast market of over INR 20,000 Crore in India growing at the rate of 15 per cent as the need for quality, safe, and standardised accommodation in India is on the continual rise. Homversity is a verified platform, which is catering the needs of lakhs of students, real estate agents and PG owners.
Backed by business intelligence, AI and analytics, it provides a listing of hostels, PG rooms, and live-in accommodations among others as per the need and requirements of the students. Homversity is a one-shop-stop medium, through which one can search and book hostel rooms or PG conveniently too with the best prices, no brokerage, and no hidden charges. The company is currently undergoing a new Pre-Series A round of funding.
The education sector in India is booming with around 35 million young students enrolling themselves in more than 50,000 universities and colleges. Most of these students are unable to get accommodations in college hostels or dormitories which are already fewer in number. The only solution for these students is PG and private accommodations.
“Homversity aims to digitize and organize the searching, booking and management of hostels/PGs/and another form of rental accommodation, which are safe and verified by the experts. With the pre-series A funding, we are planning to scale our operations across the country and further cement our position in the Indian market in an aim to become the pan-India market leader in the segment,” said Saurav Kumar Sinha, Founder, Homversity.
Homversity began its services by catering to a few Tier 1 cities. Now it has spread its operations and gets business from cities like Kota, Dehradun, Ahmedabad, Indore, Bengaluru, Delhi & NCR which are part of an ever-increasing list of cities in its portfolio. Handling diverse sets of customers in different regions has allowed it to deepen its understanding of markets which has enhanced its stability.
Backed by business intelligence, AI and analytics, Homversity provides end-to-end services. This has enabled the company to grow at a rapid pace. With a monthly booking of 2 lakhs per month in Jan 2022, within 6 months, it has catapulted itself to around 2 Crore in monthly booking by July 2022.
“This exponential growth has allowed the company to build a strong base for its future growth. It has also helped thousands of Private hostels, homes, and PG Owners to engage with the right mix of customers they want to connect,” he added.
The company is investing in technology to make its services more scalable, targeted, and efficient. The platform’s offering will be improved with new a property management suite, and several data-driven solutions which will provide a richer experience to its customer base.