Pune: The city-based student and working professionals’ accommodation provider Tribe Stays says that it plans to add around 20,000 new beds for students and working professionals in cities geared towards the two, including in Pune, and is looking to raise around $10 million for its expansion plans.
“We have raised multiple rounds of funding for our operations, including through the pandemic, of around $1.5 million, in private equity and structured debt, and we have plans to raise around $10 million in the same manner. The expansion has been planned in cities such as Pune, Bengaluru, Delhi NCR, and others,” said Shantam Mehra, co-founder of Tribe.
Mehra was speaking at the launch of Tribe’s new student accommodation facility in Wakad, with the company also planning to significantly expand its presence in the co-living space, tailored for working professionals, with Tribe aiming to start a co-living facility in Baner over the next year. The company says that co-living is also turning into an investment opportunity, much like real estate investment trusts (REIT), through the fractional ownership model.
“Co-living is a stable revenue model, like REIT. The requirement is increasing significantly, and we are at the point where we will lease tailor-fit properties for that purpose. Developers and investors are very upbeat about the concept, as the returns on it are competitive, compared to renting out properties,” said Yogesh Mehra, founder and CEO of Tribe.