Property management platform Crib has introduced Crib Plus, an upgraded version of its existing tool, following an investment surpassing $1 million.
This enhanced version is tailored to meet the specific requirements of large-scale student housing and co-living brands, according to the company’s recent announcement.
Residential Market Overview:
As per recent estimates by the International Monetary Fund (IMF), India’s residential rental market exceeds $20 billion, with urban areas constituting 68% of this figure, approximately $13.5 billion. A report released by Colliers in December 2021 predicts that India’s co-living market is set to double by 2024. Moreover, a study by Colliers India in June 2023 anticipates substantial growth in the student housing sector, attributed to an expected surge in student numbers reaching 31 million by 2036.
This analysis highlights a considerable disparity between the current supply of student accommodations (7.5 million beds) and the escalating demand, indicating significant growth potential in this sector.
Catering to Real Estate Market Needs:
Crib aims to address the evolving requirements of the real estate market, particularly in the dynamic realms of student housing and co-living. The startup asserts that its mobile application is presently utilized by over 1000 landlords, managing 2500+ properties encompassing over 150,000 beds and a rental value exceeding Rs 2500 crore.
Established in 2021 by Sunny Garg, Shaifali Jain, and Archit Chauhan, Crib assists landlords in streamlining their operations and finances.
Features of Crib Plus:
Crib Plus offers significant benefits to operators in the student housing and co-living sectors. The tool has the potential to reduce management costs by up to 25%. Additionally, users can leverage the collective product intelligence integrated into Crib Plus, ensuring optimal functionality and user experience.
According to Shaifali Jain, Co-Founder & CPO of Crib, “We recognized that enterprise customers managing over 1000+ tenants have broader expectations from their property management tools, such as Detailed Financial Reporting, Business Analytics, sophisticated workflows like Asset Management, Visitor/Parcel Management, Expense Management, along with personalized customizations & integrations. We are developing Crib Plus to meet these needs.”
Sunny Garg, Co-Founder & CEO, added, “The new-age Co-Living & Student Housing Companies are heavily investing in their brands. They want to elevate their brand presence, whether on the building front or the mobile app. With Crib Plus, we will be able to provide them exactly what they require.”
Support from Notable Investors:
Crib has secured over $2 million in funding to date from investors such as Rebright Partners, We Founder Circle, and more than 50 renowned founders and tech operators including Vijay Shekhar Sharma (Paytm), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing), and Ankur Aggarwal (Dunzo).
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By Ravi Kumar
