New Delhi [India], October 27 (ANI): The demand for quality accommodations has increased greatly due to the rising enrolment, rapid intra and inter-state student mobility, along with an influx of international students.
To bridge the demand-supply gap in student housing facilities, AI-enabled hostel booking startup, Homversity, which caters to the needs of lakhs of students, real estate agents and PG owners, is planning to make its presence felt in 100 more cities with 5 lakh beds by 2023-2024.
The student housing market in India is over INR 20,000 crore and has been growing at a 15 per cent rate as the need for quality, safe, and standardised accommodation in the country is on the continual rise.
Homversity uses business intelligence, AI and analytics to provide a listing of hostels, PG rooms, and live-in accommodations among others, as per the need and requirements of the students.
Using the platform, one can conveniently search and book hostel rooms or PG with the best prices, no brokerage, and no hidden charges. Currently, Homversity is currently undergoing a new Pre-Series A round funding.
"Education sector in India is booming with around 35 million young students enrolling themselves in more than 50,000 universities and colleges. Most of these students are unable to get accommodations in college hostels or dormitories which are already fewer in number. The only solution for these students is PG and private accommodations. That's where Homversity comes into play. It aims to digitize and organize the searching, booking and management of hostels, PGs and another form of rental accommodation, which are safe and verified by the experts," said Saurav Kumar Sinha, Founder, Homversity.
"With the pre-series A funding, we are planning to scale our operations across the country and further cement our position in the Indian market with an aim to become the pan-India market leader in the segment," he added.
Backed by business intelligence, AI and analytics, Homversity provides end-to-end services. They began their services by catering to a few Tier 1 cities but now the company has spread operations in cities like Kota, Dehradun, Ahmedabad, Indore, Bengaluru, Delhi & NCR.
According to a release, Homversity is investing in technology to make its services more scalable, targeted, and efficient. It said the platform's offerings will be improved with a new property management suite, and several data-driven solutions which will provide a richer experience to its customer base. (ANI)