Bengaluru-based co-living startup, Grexter has secured $1.5 Mn in pre-series A funding from Venture Catalysts.
Bengaluru, 11 Jan, 2019. RedNewswire/-
Grexter is owned and operated by Grexter Housing Solutions Pvt. Ltd. Founded by Pratul Gupta and Nikhil Dosi in 2016, It provides fully furnished co-living spaces for students and working professionals who are looking for community living options. The company claims to have about 1,500 beds across Bengaluru.
The other investors who also contributed to the funding include Arisht Jain of Samyakth Group, Vikas Bohra and Vishal Shah, in addition to the participation from developers, HNIs, real estate professionals, family offices, private equity funds, wealth management companies, and others.
Grexter aims to leverage the funds for enhancing the inventory it offers as well as to ramp up its technology architecture.
Mumbai-based Venture Catalysts was set up in December 2015 by Sharma, Anil Jain, Anuj Golecha and Gaurav Jain. It typically invests between $250,000 and $1 million in early-stage startups.
Apoorv Ranjan Sharma, President, Venture Catalysts, said, “Venture Catalysts is on a mission to identify promising ventures that actually plug a gap in the market and address pertinent consumer needs. The rental accommodation sphere caters to one of the most basic needs of consumers, yet it continues to be highly fragmented and plagued with key problems pertaining to quality, transparency and high brokerage fees. Grexter eliminates all these lacunae with its unique and tech-driven business model. It is also creating a robust co-living ecosystem in India and we are certain that it will successfully capture a lion’s share of the USD 20 billion accommodation rental market through its innovative approach.”
Pratul Gupta, Founder, Grexter said, “Having bootstrapped the venture, we’ve climbed our way up firefighting and understanding every use case scenario possible. We are confident that with the mentorship and the influx of funds from Venture Catalysts we’d be able to accelerate the growth of Grexter and invigorate our tech platform as well. We envision to scale up rapidly and accommodate over 5000 beds by the end of 2019.”