Housing start-up Placio to raise $15 mn to fuel expansion

Chennai: Noida-based student housing startup, Placio is looking to raise $15 million in the next few months to fund its expansion plans.

“We are in the process of raising up to $15 million in the next few months to fund our expansion plans. We hope to become a $1 billion company and build a portfolio of one lakh beds in 20 top cities across the country in the next three years period,” Placio founder Rohit Pateria told PTI.

Currently present in six cities, including Delhi NCR, Lucknow, Indore, Coimbatore, Mumbai, Jaipur, with a portfolio of over 3,000 beds, the company is also in talks with various colleges and universities and expects to take the partnership with over 50 universities across the 20 cities over the next three years.

“Since there is a huge demand-supply mismatch, there is immense scope for all the players to co-exist and expand and become unicorn firms in (a) short span of time. We are targeting at having a portfolio of one lakh beds across top 20 cities in the next three years,” he said.

Placio’s immediate competitors include Stanza, Oxfordcaps and OYO among others.

NT Bureau