raises $60 Million from VY Capital and others

By | February 11, 2016, the marketplace for students providing accommodation and related service has raised $60 million in a combined series B and C round led by VY Capital. A bunch of other investors also participated in the round including Horizons Ventures, Expa, Hugo Barra from Xiaomi and Spotify founders. (previously known as Overseas Students Living) has been a key players in simplifying the accomodation needs for students across the globe. The company claims to be present in over 100 countries. It takes the student details and connects them to the landlords in their preferred locations. The duration of stay varies in each case, however, in majority of cases, the students look to book an accommodation for a complete one academic year. In some cases, there are booking for as short as a semester and as long as a complete course (3-4 years).

The company takes a comission in middle to connect the two interested parties. The landlords are paid a complete sum for the agreed period and then takes a certain percentage of the total transaction. It claims to have got $110 million in bookings in last year alone, however, there was no comment about the number of landlords signed up with the portal. However, the company claims to cover over 1000 universities in 426 destinations with a total bed count of 750,000.

The raised amount will be used for expansion, confirmed a top executive from the company. Along with going to new destinations, the company is looking to strengthen its position in United States, Latin America and Middle East. Also, the 200 member team is expected to grow in the time to come with the latest fund.