Bengaluru, January 11, 2019: Venture Catalysts has invested $1.5 million in India based startup Grexter, one of the leading tech-based, hassle-free rental accommodation providing platforms for students and young professionals in the country.
Grexter has raised the capital as part of its Pre-Series A funding round and it aims to leverage the funds for enhancing the inventory it offers as well as to ramp up its technology architecture.
Grexter provides state of the art co-living spaces to those looking for hassle-free and cost-effective community living options. Problems such as hefty brokerage fees, low-quality homes, sky-high rents and deposits, and picky homeowners are all eliminated when one moves into a Grexter property.
Its USP is that it offers fully-furnished state of the art co-living spaces, wherein the rent covers all amenities and services like bills, internet, DTH, daily housekeeping etc…Another highlight of these co-living spaces is that they have tastefully-done common areas like game rooms, community kitchens and lounges that promote the concept of community living. Grexter is currently at approximately 1500 beds across Bangalore and plans to significantly increase that number in the near future.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder and President of Venture Catalysts, said, “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.”
Besides its promising proposition, Grexter was identified as an attractive investment avenue thanks to its stellar founding team comprising IIT-Madras alumni Pratul Gupta and Nikhil Dosi.
Pratul has been an investment banker with Credit Suisse and Deutsche Bank and has also worked with a venture capital fund called Acumen. Nikhil has worked in Reliance Industries and also been the Operations Head of Gopigeon, a NEXUS-funded logistics startup.
On raising funds from Venture Catalysts, Pratul Gupta, Founder, Grexter said, “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. This is the start of another exciting chapter in our growth story.”