Proptech startup Crib invests $1M in 'Crib Plus' to digitize student housing & co-living market

Property management app Crib has unveiled Crib Plus, a pro version of its current tool. The company said it has made an investment exceeding $1 million to develop Crib Plus.

The new version will cater specifically to the needs of large-scale student housing and co-living brands, as per the company's statement.

The current landscape of the residential market in India

According to the last estimates from the International Monetary Fund (IMF), India's residential rental market surpasses $20 billion, with urban areas accounting for 68% of this figure, equating to $13.5 billion. 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 shows 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.

Addressing the evolving needs of the real estate market 

Crib is focused on addressing the evolving needs of the real estate market, particularly in the dynamic landscape of student housing and co-living. The startup claims that its mobile app is currently used by over 1000 landlords managing 2500+ properties managing over 1,50,000 beds and a rental of Rs 2500+ crore.

Founded in 2021 by Sunny Garg, Shaifali Jain, and Archit Chauhan, Crib helps landlords streamline their operations & finances.

What does Club Plus offer? 

Crib Plus offers unparalleled advantages to student housing and co-living operators. The tool can bring down the current cost of management by as much 25%. Moreover, users stand to benefit from the collective product intelligence embedded within Crib Plus, ensuring optimal functionality and user experience.

‘We realised that the enterprise customer managing over 1000+ tenants have a more comprehensive expectation from their property management tool like Detailed Financial Reporting, Business Analytics, sophisticated workflows like Asset Management, Visitor/Parcel Management, Expense Management along with personalised customisations & integrations. We are building Crib plus to satisfy these.’ said Shaifali Jain, Co-Founder & CPO, Crib.

"The new-age Co-Living & 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’ll be able to provide them exactly what they need!” said Sunny Garg, Co-Founder & CEO.

Backing from notable investors 

Crib 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), Ankur Aggarwal (Dunzo).

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