SUMMARY
Your-Space will utilise these funds for growth focusing on metros and Tier I cities
The funding was led by Shantanu Rastogi of General Atlantic, Ajay Gupta’s family office Ajax Capital and Holy Basil Consultancy Private Limited
The startup states that it has over 7,000 operational beds and claims that it will have over 20,000 beds by July 2022
New-Delhi-based hospitality startup Your-Space has raised $10 Mn in its Series A round of funding led by Shantanu Rastogi of General Atlantic, Ajay Gupta’s family office Ajax Capital and Holy Basil Consultancy Private Limited.
The round also saw participation from Manish Choski’s family office, Sunidhi Group’s family office and Sanjaya Gupta, amongst others.
Your-Space will utilise these funds for growth focusing on metros and Tier I cities.
Founded in 2016 by Subhal Lal, and Nidhi Kumra, Your-Space offers residence in the form of a hostel for students. The startup offers security services, laundry facilities, gym, garden, among other amenities.
As per its website, the startup claims around 6,000 students live in such hostels which are present in 60 locations, and more than 10 cities. Your-Space is present in Delhi, Noida, Mumbai, Ahmedabad, Indore, Jalandhar, Bengaluru, among others. The startup will be launching its operations in Hyderabad and Kolkata in the near future.
The startup states that it has over 7,000 operational beds and claims that it will have over 20,000 beds by July 2022.
Your-Space directly competes against the likes of Oxford Cap, Zolo Stays, Oyo Life, Roome, NoBroker, and NestAway among others.
Hospitality sector which falls under the travel industry was one of heavily impacted sectors caused due to the COVID-19 pandemic. Most of the countries across the world had imposed restrictions throughout 2020 and first half of 2021 on traveling to curb the spread of the contagious virus, the industry in the country seems to be back on its feet. Closure of schools and other educational institutions has further led hostels and PGs to go out of business.
However, with the country’s massive vaccination drive, and reopening of schools in a phased manner is likely to help hostels and PGs gain some earnings.
