Guesture, a co-living startup, is reportedly in a discussion to secure $50 million (approx INR 356 crore), along with a plan to stretch its presence in more than 20 cities, cited Mint.
The company Gesture, claims that it is currently developing a 40-acre youth city in Electronic City, Phase 2 Bengaluru and plans to have around 4,00,000 beds across 20 micro-markets in different parts of the country by 2025.
“We are in discussion with private equity funds, strategic investors and sovereign funds. We are also exploring raising funds from global markets and exchanges,” said Pramod Kumar, director, Guesture.
Kumar also said that Guesture, which has been operational for around four years now, has been primarily self-funded and its founder Sriram Chitturi has invested INR 75 crore in the company so far. It has received debt funding from the State Bank of India (SBI).
Guesture primary target audience is students between 18 and 35 years of ago, and it currently runs two properties that cater to working professionals and students from Symbiosis, Azim Premji University, IFIM Business School among others.
Guesture claims that it recently added 2500 beds to its Guesture Wellington property in Electronic City, spread across 3.5 lakh sq ft.
Some of the significant and emerging co-living startups include OYO Life, StayAbode, Stanza Living, Zolo Stays, Nestaway and many more.