PropTech startup Crib, which specialise in technological solutions for co-living, hostels, Paying Guest (PG), and serviced apartments operators, has invested $1 million in ‘Crib Plus’ to digitize India’s multi-billion-dollar student housing and co-living market.
Crib’s mobile app is currently used by over 1000 landlords managing 2500 properties and over 1,50,000 beds.
Founded by Sunny Garg, Shaifali Jain, and Archit Chauhan in 2021, Crib facilitates an annual rental exceeding Rs 2,500 crores.
The new version of the app will cater specifically to the needs of large-scale student housing and co-living brands.
According to last estimates from the International Monetary Fund (IMF), India’s residential rental market surpasses USD 20 billion, with urban areas accounting for 68% of this figure, equating to USD 13.5 billion.
A December 2021 report by Colliers revealed that India’s co-living market is on track to double by 2024. Additionally, a study conducted by Colliers India in June 2023 projected exponential growth in the student housing sector, driven by an anticipated influx of students reaching 31 million by 2036.
The study underscored a significant gap between the existing supply of student beds (7.5 million) and the burgeoning demand, indicating substantial potential for growth in this sector.
With the current suite of mobile apps, Crib helps landlords streamline their operations and finances.
‘We realised that the enterprise customer managing over 1000 tenants have a more comprehensive expectation from their property management tool like detailed financial reporting, business analytics, sophisticated workflows like asset management, visitor/parcel management, expense management along with personalised customisations and integrations,” said Shaifali Jain, Co-Founder and CPO, Crib.
The new-age co-living and student housing companies are heavily investing in their brands. They want to put their brand ahead whether it is on the building front or the mobile app.
“With Crib Plus, we will be able to provide them exactly what they need,” said Sunny Garg, Co-Founder & CEO, Crib.
Crib has raised over 2M$ till date from investors like Rebright Partners, We Founder Circle and 50+ renowned founders and tech operators like Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing), Ankur Aggarwal (Dunzo).
