Noida-based student housing platform, Placio has acquired subscription-based food delivery startup, Paco Meals. Placio has also raised ₹34.5 lakh ($50,000) in seed funding from an undisclosed investor. The funds raised will be used for its food business. The details of the deal remain undisclosed.
Placio is a student housing platform that provides housing solutions for college going students with a belief of community-based living, it is currently available in Delhi-NCR region. Also, it is a complete broker-free platform, helping students find their accommodations with required services and facilities. It was founded by Ankush Arora, Atul Kumar Singh, Rohit Pateria in 2016.
This acquisition will help Paco Meals with technology, while Placio will benefit from Paco Meals’ network and experience in the food business to provide the students in hostels with nutritious food.
Rohit Pateria, co-founder, Placio, said, “The good news is that Placio now extends this outlook to even students living in non-Placio properties. Taking over Paco Meals will now make us realize our dreams—by the unrestricted provision of meals to all students,”.
Paco Meal, a subscription-based food delivery startup was founded by Nitin Joshi and Parul Tusele in 2016. Its founders have had a fair share of unpleasant meals during their stay at college hostels. This experience led them to help provide nutritious as well as tasty meals for students on a lean budget.
Paco focusses on 3A’s, appearance, aroma, and appetite to create healthy, sustainable and innovative food options. It also ensures that the menu is not repeated for at least three months, helping satisfy students with varying palate.
The student accommodation market is currently worth about ₹20 crores ($3 million) but it is continuously growing. According to a survey, there are about 50 lakh students enrolling in colleges in the country across 20 cities. Out of which over 54% of students are from different cities and with colleges not having enough hostel seats, it is a growing market.