Business news: Co-living operator Housr on Monday said it has acquired Bengaluru-based StayAbode as part of its expansion plan.
Housr did not disclose the value of the deal at which it has acquired StayAbode, one of the leading co-living operators in Bengaluru since 2016.
With this acquisition, Housr will add more than 20 properties with over 1,200 beds to its portfolio in the prime hubs of Bengaluru including Koramangala, HSR layout, Indiranagar, Marathahalli, and Electronic City, it said in a statement.
The acquisition is a part of Housr's expansion plan to reach 12,000 beds by March 2023 with a combination of Housr co-living and Housr homes (rental managed homes).
The price point will range from Rs 14,000- Rs 24,000 for twin sharing and Rs 25,000- Rs 50,000 for single occupancy in Housr co-living.
Housr has recently ventured into a new vertical of managed rental homes under the brand name Housr Homes, designed to cater to the housing needs of working couples and small families.
Housr is expanding its property portfolio in the existing cities and gaining entry into new geographies by March 2023.
Deepak Anand, Co-Founder and CEO, Housr, said, "This acquisition is in line with Housr's vision to grow rapidly by dint of superior and standardised resident experience across our pan-India portfolio of now more than 50 properties."
He said the company's broader aim is to fill the need for luxury co-living in India.
"Acquiring StayAbode is an important stepping stone to our plans for scaling Housr massively in 2022. Housr's entry into Bangalore significantly extends the scope of our mission, which is to seamlessly meet the housing needs of India's new-age working professionals", said Kalpesh Mehta, Co-Founder, Housr.
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