In recent times, one of the big affected businesses during this pandemic has been the co-living accommodations. This business is widely affected as it was not only striving with the inhabitants’ incapability to pay rent but also had to handle the penalty of payments. It was founded in 2019 by the trio Rishi Sreedharan, Grishma Reddy, and Anirudh Rao – who believed and wanted to enact the market with their idea. Established by three VIT alumni, Dwellingo startup offers embellished co-living accommodations across three centres in Bengaluru. It mainly points on furnishing holistic experiences. It’s a purpose-built co-living settlement for working experts and startup companies. Dwellingo is an Open House digital sign-in platform built to help real estate agents generate more leads in less time. Dealers can quickly create an Open House digital sign-in form for any equity and start developing heads. The software provides it easy to collect each visitor’s contact information, enabling agents to create more valued connections and further broaden their business.
“The three of us realised that the paradigm of co-living operations across India is a pure brick-and-mortar service masquerading as a tech-play. We noticed a clear mismatch between what could be delivered and what was being offered by co-living players in India,” says Rishi.
Software is More Affordable than the Competition
Dwellingo assures that the inhabitants get enterprise-grade WiFi so that its guests can work from home without interlude and also have a sense of society while maintaining social distancing. Dwellingo is geared towards the young, 20-something working professional who is enthusiastic in a holistic lifestyle experience to loosen up. It caters to a more youthful, tech-minded audience who seek out nightlife and mid-day meditation in the same 24-hour cycle. The seamless app incorporates the guest’s phone with room access control, energy use, real-time updates, and much more.
What Dwellingo Delivers
Rishi explains that the industry’s incapability to deliver a high-quality product and experience at an affordable price was because of the nature of the co-living operator who, in the concern of proposing an asset-light Oyo/WeWork-like model, would rope in multiple stakeholders. These included asset-owners/landlords, furniture-providers and supervision staff, among others. Also, most of the co-living properties are repurposed PG buildings that proceed to recommend the consumer to claustrophobic PG rooms with minimal service.
Dwellingo solves for the fragmented shared-living ecosystem that is underserved by asset-light players with a skin-in-the-game disconnect and little to no focus on UX and product. Dwellingo pursues to be the exclusive consumer co-living brand with a near-term emphasis on working professionals, a mid-term focus on students, and a long-term outlook on senior living. The properties are ergonomically constructed by world-renowned architectural teams and architects such as MVRDV from Denmark, also employed purpose-built industry-first furniture designers.
The Business Model
The company nowadays proposes 300 beds and is assembling 350 more. It offers embellished rooms with five-star amenities, costing Rs 15,000-35,000 a month. The founders have since put up an angel round of Rs 30 crore, and today, have an ARR of $1 million. The pandemic does not help either. Due to COVID-19 and invalidate migration, Dwellingo’s business is halved, off-kilting its occupancy-sustainability – which forms the backbone of the company. The expansion across cities in the south will happen only over the next two years. Rishi claims to double down the efforts on their current purpose-built under-construction project and not spread themselves thin and manage the current crisis. Dwellingo competes with YourOwnRoom, Oyo Life, Your Space, and Stanza Living.