StayAbode - How the Housr-Owned Startup is Growing its Co-living Spaces in Bangalore?
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Many young people, every year, move out of their home towns in pursuit of better education or in search of better employment opportunities. A common problem these youth have to face in the new cities is that of finding decent accommodation. Looking for a well-maintained place within budget, arranging furniture, finding good companions, arranging for domestic help, wi-fi and TV connections, all of these sounds really stressful for students and young professionals moving to new cities.
But now, a different concept is fast becoming popular among the youths in India, which solves all these worries and makes shifting to a new city easier. Co-living is the term of this new concept that brings in a new way of living for people who are staying away from their hometowns. StayAbode a Bangalore-based startup founded in 2016, has become quite a popular name in the field of co-living spaces.
NestAway’s co-living subsidiary, The Hello World had initially acquired StayAbode, with a capacity of 2000 beds, in an undisclosed value deal in 2020. The Hello World then had 20,000 beds and planned to add 30,000 more beds by the end of 2022. StayAbode has again been acquired by Housr, as confirmed by the news dated June 27, 2022. StayAbode now stays acquired by Housr, which is a managed accommodation platform in India.
Check this StartupTalky article to know more about StayAbode, its Founders and Team, Business and Revenue model, Growth, StayAbode Startup Story, the StayAbode acquisition and more.
StayAbode - Company Highlights
| Startup Name | StayAbode |
|---|---|
| Headquarter | Bangalore |
| Founders | Viral Chhajer, Varun Bhalla & Devashish Dalmiya |
| Sector | Real Estate, Co-living |
| Founded | 2016 |
| Parent Organization | Housr |
StayAbode - About
StayAbode - Industry
StayAbode - Name and logo
StayAbode - Founders & Team
StayAbode - Mission
StayAbode - How It All Started?
StayAbode - Business & Revenue Model
StayAbode - Funding & Investors
StayAbode - Growth
StayAbode - User Acquisition
StayAbode - Startup Challenges
StayAbode - Competitors
StayAbode - Future Plans
StayAbode - About
StayAbode provides professionally managed co-living spaces for rent. StayAbode takes care of all the accommodation-related worries that one faces on moving to a new city. From furnishing to security from housekeeping to maintenance, StayAbode manages it all.
StayAbode uses design, technology, service, and brand to build co-living spaces for the rental residential market at scale. StayAbode’s co-living spaces support the lifestyle of the young, single sociable household, enabling a high level of comfort, convenience, and a sense of community with shared spaces such as kitchens, common areas, game areas, and places to dine and work. StayAbode’s co-living spaces are building the future of residential real estate for urban millennials.
What is StayAbode?
StayAbode solves all the living issues that young professionals face when they move to a new city. From difficult landlords to high deposits and unfair rentals, StayAbode is the solution for all.
Currently operating in Bangalore, StayAbode offers beautiful, fully furnished living spaces. These spaces are designed in a way that the residents have their own private spaces plus there are shared spaces for working, dining, kitchen spaces, etc. Thus, the residents continue to have their private space along with a community of like-minded people, which do not let them feel lonely and left out in the new city.
The facilities that StayAbode provides to its dwellers include-
- Fully furnished living spaces
- Housekeeping services
- On-site laundry
- All-inclusive rent
- A nominal deposit that is easy on the pocket.
- Living spaces are fully secured
- Expert team for repairing/ maintenance work
- Resident-only app, through which one can avail of various services and get updates.
We believe we are well set to solve for millennial living in today’s sharing economy where the consumer gives access, a greater significance than ownership.
A community of like-minded and inspiring individuals, a designated community manager who takes care of every need of the residents, and a policy of indiscrimination that lets everyone irrespective of gender, marital status, etc be a part of its co-living community which is an important USP of StayAbode.
StayAbode - Industry
As per the recent IBEF reports, there are more than 75 co-living companies in India, which itself, indicates the demand for co-living spaces in the country. The co-living market of India is expected to grow to 5.7 mn from 4.19 mn. The size of the coliving sector, which stood at over $6.5 bn, when last recorded in April 2022, is expected to grow 2X to reach $13.92 bn by the same time.
StayAbode - Name and Logo
The idea was to build a brand that solves for living across the journey of a consumer from the first time they become independent in life all the way into their retirement years.
“We were looking for a name that could encompass this entire journey and we felt that ‘Abode’ captured that. To reinforce the ‘living’ emotion, we liked the way StayAbode worked and it was something that was effortless and rolled off smoothly”.
StayAbode - Founders & Team
Viral Chhajer, Varun Bhalla and Devashish Dalmiya are the founders of StayAbode.
Viral Chhajer
Viral Chhajer is the CEO of StayAbode. He is a graduate in Business Administration and worked with companies like Goldman Sachs and Runnr, before StayAbode. He also co-founded Bribe Me, an app that is India’s first flash sale marketplace that allows users to avail of exclusive offers in real-time. Viral exited Bribe Me in 2015.
Varun Bhalla
Varun Bhalla is a computer science graduate and was also a part of the Bribe Me venture with Viral. Prior to StayAbode Varun worked as a mobile app developer in companies like foofys and Treebo Hotels.
Devasish Dalmiya
Devasish Dalmiya holds a bachelor's degree in business administration. Devashish and Viral are an alumnus of Christ University Bangalore. Devashish had been a part of companies like International Money Matters Pvt Ltd, Right Horizons Investment Advisory and Wealth Management Pvt Ltd, and Roadhouse Hostels, before starting up with StayAbode. Dalmiya left StayAbode in October 2020 and is currently working at BASIC Home Loan as a Director of Business Development.
StayAbode Ventures has registered its employee count between 51-200, as per its Linkedin profile.
StayAbode - Mission
The StayAbode mission statement says that the startup is looking to "make life convenient and enriching for our residents."
StayAbode - How It All Started?
“It all started off with independent living,” says Devashish. Devashish noticed that though people somehow manage to find a living space in cities, they are left with many unsolved problems. They do not find like-minded people to live with, plus just finding a home is not enough, there are lots to take care of like food, furnishing, etc. While Devashish was backpacking across Europe, he saw that there were managed communities where students lived together, and wanted to introduce the same concept to India also.
He pondered on the issues young people moving to a new city were facing. “It pretty much boils down to two - uncertainty and loneliness. It’s not just enough that they have to navigate a new and unknown real estate market, they also have to figure out how to mesh in with the city and its people so that they don’t keep feeling like outsiders”.
There are 3 types of people who come to the city on any given day: tourists, travellers, and settlers. While the tourist and traveller have their own defined solutions, the settler is the group that needs the ecosystem, both great living space and a like-minded community. That’s the category that StayAbode aims its services at. StayAbode was started with the intention to create a brand that allows the settlers to maximize their productivity with a supportive community and a hassle-free living experience.
“StayAbode is the answer to all your big city living woes,” said he.
The concept is fairly new in India. But data shows young professionals and students would prefer to stay in places where they can be part of a community while having their own little piece of private space. StayAbode enables this by using technology and design thinking to create private spaces and common areas that lead to collisions that bring the community together.
Living with like-minded people and engendering a community of people ready to share and create together, can be the perfect recipe for the millennial living experience. When you live and learn together, you grow together. Imagine being able to meet new people, be supremely productive, come home to a great living space and be able to truly find yourself in a new city. Life suddenly seems so simple.
StayAbode - Business & Revenue Model
The StayAbode business model follows a full-stack model, not a part-inventory one. It leases out complete buildings – from the basement to the terrace, and turns them into co-living spaces. After that, StayAbode’s team puts together the furniture and common-room setups, ensuring the space has everything that a tenant needs, including add-ons like community kitchens, study areas, reading spaces, and even barbeque grills in some properties.
As far as the StayAbode revenue model is considered, they charge a fixed rent that covers living and utility expenses and has a defined margin with every landowner, which differs from property to property. The company's objective is to create a win-win situation for itself and the property owners by ensuring high occupancy.
Chayanika Goswami
StayAbode - Funding & Investors
The StayAbode funding to date is as follows:
| Funding Date | Funding Stage | Funding Amount | Investors |
|---|---|---|---|
| March 2019 | Pre Series A | Undisclosed | Voyage Group, Akatsuki and Incubate Fund |
| July 2018 | Pre Series A | Undisclosed | Anupam Mittal, Vineet Sekhsaria, Lets Venture Legacy Global Projects MD Sanjay Shenoy and Mridul Upreti (ex Joint MD JLL India) and Akatsuki. |
| August 2017 | Seed | Undisclosed | Incubate Fund |
| February 2017 | Angel | Undisclosed | Angie Mahtaney & Ishan Manaktala |
StayAbode - Growth
StayAbode has grown to become one of the leading names when it comes to co-living spaces in Bangalore since it was founded in 2016. This Bangalore-based coliving service provider has been acquired by Housr, one of India's leading co-living players on June 27, 2022.
With this deal, Housr will add more than 20+ properties launched in Bengaluru, and over 1200 beds to its inventory in the major hubs of Bangalore like HSR Layout, Koramangala, Marathalli, Indiranagar, and Electronic City. The StayAbode acquisition of Housr will mark its powerful foray into Bengaluru and will strengthen its presence in South India. The parent of StayAbode further has planned to have 12000+ beds by March 2023, This will be made possible by combining Housr Co-Living and Housr Homes.
On its acquisition, team StayAbode said, “The concept of co-living is still germinating in India. Handing over the baton to one of India’s leading co-living players puts us on a better collective footing to popularise managed accommodation amongst a skeptical Indian audience.”
StayAbode - User Acquisition
Referrals, SEM, and social media marketing worked best for StayAbode. StayAbode is one of the first players in co-living spaces and people were quite curious about and eager to try this new concept. Besides, StayAbode was also building up curiosity regarding co-living spaces through Facebook posts.
The company launched its first few properties in popular locations across Bangalore where the target group for co-living spaces was present.
“Cliched as it may sound, a great experience and community engagement in our business is the ultimate hack. We have seen the highest percentage of extensions where we have ensured a consistent experience across both the living and community experience. This has guaranteed us a fairly high rate of referrals across these properties too and we have always used these properties and the teams running them as a benchmark within the organization to ensure a consistent experience” says Devashish.
StayAbode - Startup Challenges
A major challenge, in the beginning, was solving the sales pitch for the property owners. There were property owners who hesitated about letting their properties be transformed by StayAbode in the process of designing co-living areas. In such cases, the StayAbode team focused on explaining and showing the property owners how a well-designed property was allowing for better return and performance.
Shubham Kumar
StayAbode - Competitors
Some competitors of StayAbode are CoLive, CoHo and OyoLiving.
An increasing number of players are now entering the co-living space but everyone tends to operate on different models with different focus areas. StayAbode strives to stand out from the competition by providing an excellent resident experience to its dwellers. Besides, it is also constantly improving operational efficiency to give the property owners better value.
StayAbode—Future Plans
StayAbode is currently operating with around 20 properties in Bangalore. As a Housr subsidiary, the company is dreaming the Housr dream of having over 12K beds, and scaling up to 100+ properties across the country by the end of March 2023.
Moving to a new city can be daunting and inconvenient. Over the last few years, it has become more challenging to find a convenient and fulfilling home on rent at an affordable cost. So, we decided to address this very issue by serving StayAbode as a solution - beautiful, fully-furnished private homes with shared spaces, that add value to our residents' lives at less cost. All said and done, we’re here to make a difference - in living and in lives.
Conclusion
StayAbode is more than just brick and mortar. They go beyond giving their residents four walls. The company knows that shifting to a new city can be a nightmare. This is why the ready-to-move-in homes of StayAbode, come with all-inclusive amenities. Besides, the thoughtfully designed shared spaces of StayAbode make it super convenient to move in and have an enriching stay. Also, StayAbode has been designed to foster human interactions. With a community of inspiring people from different walks of life, it is the perfect place to share experiences, network, learn and stay inspired.
In the StayAbode community, the possibilities of events and gatherings are infinite. From movie nights, match nights, mini gigs, cook-offs, and potluck parties to festival celebrations, you can indulge in a myriad of events and celebrations. At StayAbode, they curate the profiles to maintain the quality of their community. They verify the personal and professional profiles of every applicant and follow up with a thorough background check. Moreover, all the shared spaces are equipped with CCTV cameras to ensure safety and security. In the conclusion, with StayAbode joining Housr, dreams are big, and ever-expanding both for the startup and its parent.
FAQs
What is StayAbode?
StayAbode is a provider of coliving spaces in Bangalore, which has a cluster of co-living spaces for rent, thoughtfully designed to create a positive impact on the way people live. Convenience and community are at the core of what StayAbode does, making city-living affordable and meaningful for its residents.
What is co-living?
Co-living is a modern way of living better together. It is an amalgamation of convenient, affordable city-living and inspiring community living. StayAbode has been designed to foster human interactions. With shared spaces, events and gatherings hosted every so often, the residents of the startup can indulge in a rich and engaging network of people, perspectives, and experiences.
How can I visit StayAbode properties?
You can set up a visit through the StayAbode website or give the team a call on 08061914619 to schedule a visit.
Why was StayAbode started?
Moving to a new city can be daunting and inconvenient. Over the last few years, it has become more challenging to find a convenient and fulfilling home on rent at an affordable cost. So, StayAbode decided to address this very issue with its beautiful, fully-furnished private homes with shared spaces, that add value to its residents' lives at less costs.
What does a regular day for a StayAbode resident look like?
The StayAbode residents can wake up at their convenience, and have their homes cleaned spick and span by its housekeeping crew. They can then spend their day working or relaxing at home or at the StayAbode shared spaces designed to inspire and collaborate with the community. On a day when a social event has been planned, they can also indulge in some networking and meaningful conversations with other community members. Moreover, they can also head to their private rooms when slumber takes over. That's the beauty of co-living at Abode. It's a wonderful blend of personal and social life, under one roof.
What does the housekeeping staff of StayAbode take care of?
The well-trained housekeeping crew of StayAbode leaves the homes squeaky clean, 6 days a week. This includes dusting, mopping, cleaning the utensils, making the bed, and cleaning the washroom on alternate days.
What does the people that rent at StayAbode properties get?
The one-for-all rent of the people renting at StayAbode properties, is inclusive of the monthly rent, housekeeping services, WiFi, utility bills, and access to shared spaces and community events.
Are the StayAbode apartments furnished?
StayAbode homes are beautifully designed and fully furnished to match the lifestyle of everyone. They're ready-to-move-in homes to make lives more convenient. So, you can just move in with your suitcase. StayAbode will have the rest covered.
Is StayAbode acquired?
Yes, StayAbode has been acquired by Housr, a hospitality company from Gurgaon that is founded by Deepak Anand and Kalpesh Mehta, on June 27, 2022.
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