Chennai-based co-living startup Truliv has chalked out major expansion plans and aims to add 3,500 more beds in financial year 2024-2025 in the growing co-living space. A subsidiary of DRA Homes, the firm is now evaluating the Hyderabad market, and from there, it intends to venture into Pune (within 6-9 months) and then to Bengaluru (within 12-15 months).
Rohit Reddy, CEO and co-founder, Truliv Properties and Services Private Ltd, told The Hindu that Truliv now operates around 3,000 beds in Chennai spread across 22 properties, with an additional 500 beds and three properties in the pipeline. The total operational space in Chennai is approximately eight lakh square feet, with a further 75,000 square feet in the pipeline. All the properties are leased. “Truliv is completely asset light and does not own any buildings,” he said.
When asked about the profile of people opting for co-living spaces in Chennai, Mr. Reddy explained: “Working professionals (IT, ITES, professional services, banking services, etc.) account for 90% of our inhabitants, with 2% self-employed, 5% students (mostly postgraduates), 2% trainees, and 1% miscellaneous. The age demographic ranges from 22 to 35 years. The average age of Truliv occupants is 27 years.”
The startup which secured $1.5 million in a pre-seed funding round led by Conquest Global Ventures VCC, Vara Future LLP, and others in June 2023, is now looking at raising more funds. “We have started our roadshow for Series A funding, meeting with a few family offices and experienced investors. We are looking to raise 4-5 million dollars, about ₹40 crore - ₹45 crore, for future expansion,” Mr. Reddy pointed out.
The co-living sector in Chennai is expanding, primarily propelled by the rising need of young professionals and students for cost-effective and convenient living solutions, said Sanjay Chugh, City Head – Chennai, ANAROCK Group. He said that the Chennai market has other prominent companies such as Zolo, Settl and Stanza Living. In Tamil Nadu, co-living is primarily evident in large urban centres such as Coimbatore and Chennai, he added.
Mr. Chugh said that this segment is seeing considerable traction in areas close to prominent business centres. “Demand comes from the city’s IT industry, which provides employment to lakhs of professionals. The startup ecosystem contributes to the expansion of the co-living market. Also, initiatives undertaken by the State government to foster innovation and entrepreneurship contribute to its steady expansion,” he said.
