The company aims to use the fund to establish a premium, scalable student housing operator mode
Student housing network start-up Homversity has raised $1 million in Pre-Series A round led by Inflection Point Ventures. The round also saw the participation of other key players such as Shuru-Up, Value Angels, Vinners Group, TAS, Pro-Growth Ventures, Growth 91, and other marquee investors.
The company aims to use the fund to establish a premium, scalable student housing operator mode. Further, with the fundraise, the company aims to focus on growth initiatives that will help increase the platform's reach. It will also help improve the company’s offerings for students across India, adds a statement by the company.
Speaking about the fundraise, Saurav Kumar Sinha, Founder & CEO, Homversity, said, “Homversity is working extremely hard towards solving the student housing problem in India and uplifting India’s student housing industry, with IPV’s expertise in having worked with some great companies in the past targeted towards mass audiences.”
Meanwhile, Ankur Mittal, Co-Founder, Inflection Point Venture, highlighted that students who move from rural areas to big cities for better education often experience a cultural shock due to the high costs of food, living, and transportation. “Homversity is looking to address two of these key problems by providing a high standard of living and healthy meals, whether students come from rural areas or any other urban centers,” he added.
Started in 2019 by Saurav Kumar Sinha, Homversity is a student housing network. The intent of the company is to create a safe and secure ecosystem for students with hassle-free processes and support systems. This also includes a 100 percent refund on cancellation.
Some of the student housing start-ups present in India include Stanza Living, Zolo, Nestaway, and Coho. The student housing market in India has been increasing. Just to give an example, a study published by Colliers in 2023 mentions that student relocation is projected to touch 31 million by 2036. It says, “With student enrollment in higher education projected to cross 92 million by 2036, there are untapped opportunities for investors and developers and tremendous scope for the sector’s growth.” It will be interesting to note how this space revolves amid the rapid boom.