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The digital real estate firm’s mobile app is currently used by over 1000 landlords managing 2500 properties
February 22, 2024 | Staff Reporter | India | PropTech
PropTech start-up Crib, which specialises in technological solutions for co-living, hostels, paying guest (PG), and serviced apartments operators, has invested $1 million in ‘Crib Plus’ to digitise India’s multi-billion-dollar student housing and co-living market.
Crib’s mobile app is currently used by over 1000 landlords managing 2500 properties and over 1,50,000 beds. Founded by Sunny Garg, Shaifali Jain, and Archit Chauhan in 2021, Crib facilitates an annual rental exceeding Rs 2,500 crores. The new version of the app will cater specifically to the needs of large-scale student housing and co-living brands. According to last estimates from the International Monetary Fund (IMF), India’s residential rental market surpasses USD 20 billion, with urban areas accounting for 68% of this figure, equating to USD 13.5 billion.
“The new-age co-living and student housing companies are heavily investing in their brands. They want to put their brand ahead whether it is on the building front or the mobile app. With Crib Plus, we will be able to provide them exactly what they need.”
Sunny Garg, Co-Founder & CEO, Crib
A December 2021 report by Colliers revealed that India’s co-living market is on track to double by 2024. Additionally, a study conducted by Colliers India in June 2023 projected exponential growth in the student housing sector, driven by an anticipated influx of students reaching 31 million by 2036.
The study underscored a significant gap between the existing supply of student beds (7.5 million) and the burgeoning demand, indicating substantial potential for growth in this sector. With the current suite of mobile apps, Crib helps landlords streamline their operations and finances.
Crib has raised over $2 million till date from investors like Rebright Partners, We Founder Circle and 50+ renowned founders and tech operators like Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing) and Ankur Aggarwal (Dunzo).
