Settl, a managed accommodation provider, has raised $500,000 (Rs 3.72 crore) in a seed round from We Founder Circle and ah! Ventures, among other investors, the company said in a statement.
The round also saw investors such as Saurabh Jha, director- growth and analytics, Housing.com; Ashu Dubey, principal product manager-LinkedIn; Mahesh Pillai, senior vice president, Pierian Services; and Abdul Paravengal, ex CBO of Shipper.
Settl, which is owned and operated by Samasth Living Pvt Ltd, said it will use the fresh funding to enhance the technology stack and acquire more supplies.
Additionally, the start-up plans to expand across cities including -Delhi-NCR, Pune, and Chennai, it aims to serve over 3,000 clients per month.
“Settl is disrupting the co-living concept by offering fully managed living spaces using their years of experience in this domain. They offer multi-city multi-location beautiful 1&2 BHK options at your fingertips using smart tech..," Neeraj Tyagi, co-founder and CEO, We Founder Circle said.
In a statement, Settl said it has locked 1,200 beds in two cities. It has been witnessing a 30% rise in demand quarter on quarter. Following the fresh fund infusion, it aims to serve over 3,000 clients per month.
Founded in July 2020 by Abhishek Tripathi, Bharath Bhaskar, and Ashok Reddy, the startup aims to make target young professionals and students looking for accommodation in a new city.
We Founder Circle
We Founder Circle has been actively investing since its launch last year. In the July-September quarter itself, it invested as much as $1 million in 10 startups.
It has invested nearly $3 million in 27 startups till now in 2021. Its investments include hyperlocal content startup Knocksense, agri-tech startup Humus, upskilling platform Cusmat, fintech startup YPay and eco-friendly menstrual care products maker Avni.
The firm recently launched a global accelerator program titled EvolveX to promote the sector, through which it is catalysing 8-10 startup investment deals and mentorship with 30 global industry veterans.