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Xtended Space Secures Undisclosed Funding from Hindustan Media Ventures Limited, Fuelling Growth in Prop-tech

By Team Insights Focus

  • 29 Feb 2024
Xtended Space Secures Undisclosed Funding from Hindustan Media Ventures Limited, Fuelling Growth in Prop-tech

Xtended Space, India's 1st and only Peer-to-peer AI storage platform, has successfully raised an undisclosed amount in a recent funding round, with investment from Hindustan Media Ventures Limited. This investment enables Xtended Space to effectively address the escalating demand for innovative self-storage solutions in prop-tech. Previously, the company secured pre-seed funding from P. Sampath (Former CFO, Essar Group) and other renowned investors.

Xtended Space is a leading prop-tech company that is redefining self-storage solutions by repurposing un-utilised spaces. It aims to revolutionise the storage industry by benefiting the hosts and renters. With affordability and flexibility as the key pillars, Xtended Space offers self-storage solutions priced approximately 40-50% less than traditional storage through the use of AI facilities for household and business renters. The services are growing very fast in Delhi & NCR region.

Talking about their vision, Saurabh Dey, Co-founder, Xtended Space, said, "We've embarked on an extraordinary journey of triumph, poised to revolutionize India through our innovative and affordable storage services, forging a sustainable revenue model. With a transparent vision, we aim to empower Indian businesses and households, catalysing positive transformation of your home and offices." 

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“Technology has transformed our lives and has made it more convenient, efficient and comfortable. Xtended Space is trying to revolutionize the real estate sector by connecting people who require additional space for short to medium term with people owning excess real estate. This will enable space seekers to fulfil their storage requirements affordably while providing hosts an extra income source. We are excited to partner with them on this journey.”, said Anirudh Singhal, Strategic Investment Head, Hindustan Times.

Solutions Offered by Xtended Space:

  • Monthly Earnings for Hosts: Xtended Space has introduced a platform for hosts to earn extra income by letting them list their unused space as a storage unit. Even businesses are using their unoccupied place for extra consistent monthly earnings.
  • User-Friendly Solutions: Addressing the Problems of Space Crunch, High Costs, and Limited Options, Xtended Space provides affordable, flexible, and convenient storage options using P2P business model. This business model is already successful in developed countries to provide storage services.
  • Ai-Based Space Utilisation: Implementing cutting-edge artificial intelligence for optimised space utilisation as AI Calculator and smart lockers for storing business inventory and household items.
  • Smart Contracts: Offering flexibility and transparency with contracts, avoiding rigid and standardised agreements.
  • Sustainability: Xtended Space is committed to sustainable solutions in response to the environmental challenges posed by traditional storage facilities. It has two 2 solid investors as a big support for the business

Addressing Market Challenges:

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Xtended Space tackles critical challenges, including the space crunch in urban India, the high costs of conventional storage, inefficient space utilisation by businesses, and the need for sustainable storage options. By catering to the rise in spending power and addressing the 4 Ds - Downsizing, Displacement, Divorce, and Death - Xtended Space is positioned to meet the growing demand for storage solutions that address the space constraints and the preservation of sentimental items.

No VCCircle/TechCircle journalist was involved in the production of this content.

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