Soon within a week after co-living startup Zolo had raised $30 million from Nexus Venture Partners and IDFC Alternatives, an another Bengaluru-based and also a co-living startup, Grexter has secured $1.5 million in pre-series A funding from Venture Catalysts.
The other investors who also contributed to the funding include Arisht Jain of Samyakth Group, Vikas Bohra and Vishal Shah, in addition to the participation from developers, HNIs, real estate professionals, family offices, private equity funds, wealth management companies, and others.
The startup will use the funds raised in expanding the number of rooms and beds it offers at a pan-India level also towards ramping up its tech backbone.
Founded in 2016, by Pratul Gupta and Nikhil Dosi, Grexter is a rental accommodation platform aimed at students and young professionals, helping people looking for contemporary living solutions that cater to their lifestyle preferences and enable them to co-live with other like-minded individuals. Grexit currently has 1500 beds in Bengaluru.
Pratul Gupta, Founder, Grexter said, “Having bootstrapped the venture, we’ve climbed our way up firefighting and understanding every use case scenario possible. We are confident that with the mentorship and the influx of funds from Venture Catalysts we’d be able to accelerate the growth of Grexter and invigorate our tech platform as well. We envision to scale up rapidly and accommodate over 5000 beds by the end of 2019.”
Apoorv Ranjan Sharma, President, Venture Catalysts, said, “Venture Catalysts is on a mission to identify promising ventures that actually plug a gap in the market and address pertinent consumer needs. The rental accommodation sphere caters to one of the most basic needs of consumers, yet it continues to be highly fragmented and plagued with key problems pertaining to quality, transparency and high brokerage fees. Grexter eliminates all these lacunae with its unique and tech-driven business model. It is also creating a robust co-living ecosystem in India and we are certain that it will successfully capture a lion’s share of the USD 20 billion accommodation rental market through its innovative approach.”
India’s first integrated incubator, Venture Catalysts invests $250K – $1 Million in early stage startups. Last month, it has invested an undisclosed amount of funds in Flip Flop Hub, India’s leading specialty retail chain of flip flops and sandals in the mid-market space.
Prior to this, in November Venture Catalysts led ₹3.5 crore funding of CleanseCar, a Bangalore-based daily car and bike cleaning service at doorstep via an app.
Source – ET Tech