The Bengaluru-based company, co-living operator Hyphen on Thursday said it has raised $1 million (around Rs 8 crore) from investors.
The pre-Seed round raised a mix of equity and minority debt, with famous Silicon Valley angels and Sriram Puthucode, a former VP at Symantec Global, among the investors, the Bengaluru-based company stated in a statement.
Anirudh Rao, Grishma Reddy, Rishi Sreedharan, and Samarth Gowda founded the company in June 2021. In August 2021, Hyphen (formerly called Dwellingo) debuted its first property. By 2023, it wants to have 6,000 beds and expand into five markets: Hyderabad, Pune, Chennai, and Delhi-NCR.
Hyphen’s new funds will be used to grow into new areas, create new product kinds, and integrate technology and automation to improve user experiences, according to the company.
”People are drawn towards experience-focused, de-densified living; the pandemic helped accelerate this push. In fact, 76 per cent of consumers are more likely to spend on experiences than materialistic things. As people move back into the city, they are looking for something different, and the run-of-the-mill shared-living experience will no longer cut it,” said Sreedharan, Co-Founder & CEO of Hyphen.
They are India’s first experiential living that fosters meaningful relationships. Founded in June 2021, their aim is to redefine what it means to live, love, work, and thrive under the same roof. They want to bring about a shift in the ecosystem and make living a consumer-focused experience.
At Hyphen they are working toward eliminating urban loneliness and elevating the bar for the standard of living. Their clubs are premium, fully equipped, and constantly bustling with activity. As of now they are operating out of Bengaluru, and are looking to expand into the Northern and Western Indian cities.