Your-Space generates $10 million in series A funding
Your-Space, a student housing startup, has raised $10 million in series-A funding a combination of pure equity and convertible debentures led by personal investments from Shantanu Rastogi of General Atlantic and Ajay Gupta's Capital Foods family offices AJAX Capital and Holy Basil Consultancy. Manish Choksi's Vice Chairman of Asian Paints family office, Sunidhi Group's family office, and Sanjaya Gupta former MD and CEO of PNBHFL were among those that participated in the investment round. Shubha Lal, co-founder and COO of the company, told the media that the funding will enable them to strengthen their position in a crowded and competitive market. It offers the firepower they need to keep delivering high-quality global service at scale. The cash will be used to expand the company, with an emphasis on metros and tier I cities. A portion of the funding will be used to bolster and keep the core staff. Your-Space now operates over 7,000 beds in nine cities, with ambitions to expand to over 20,000 beds by July 2022 for the upcoming academic year 2022-2023. Your-Space is an IIM - Cambridge - Oxford alumni initiative aimed to provide a safe, hassle-free, and memorable hostel experience for young adults living away from home for their education. The country's major vaccination effort, as well as the gradual reopening of schools, is likely to help hostels and PGs generate some money. Image Source
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