Proptech Crib Invests $1 Million in 'Crib Plus' to Digitize India's Multi-Billion-Dollar Student Housing & Co-Living Market
Crib, a property management app founded by Sunny Garg, Shaifali Jain, and Archit Chauhan in 2021, has unveiled its latest product, Crib Plus, a pro version of their current tool.
Crib made an investment exceeding $1 million to develop Crib Plus. The new version will cater specifically to the needs of large-scale student housing and co-living brands. This strategic move comes as these segments are poised for exponential growth in the coming years. According to last estimates from the International Monetary Fund (IMF), India's residential rental market surpasses USD 20 billion, with urban areas accounting for 68% of this figure, equating to USD 13.5 billion.
A December 2021 report by Colliers revealed that India's co-living market is on track to double by 2024. Additionally, a study conducted by Colliers India in June 2023 projected exponential growth in the student housing sector, driven by an anticipated influx of students reaching 31 million by 2036. The study underscored a significant gap between the existing supply of student beds (7.5 million) and the burgeoning demand, indicating substantial potential for growth in this sector.
Crib's investment in Crib Plus underscores its commitment to addressing the evolving needs of the real estate market, particularly in the dynamic landscape of student housing and co-living.
Crib’s mobile app is currently used by over 1000 landlords managing 2500+ properties managing over 1,50,000 beds and a rental of 2500+ crores.
With the current suite of mobile apps, Crib helps landlords streamline their operations & finances. Whether it’s sending rent reminders, collecting online payments or signing agreements digitally, everything can be done via the Crib app. Crib Plus offers unparalleled advantages to student housing and co-living operators. Its cost is significantly lower, and can bring down the current cost of management by as much 25%. Moreover, users stand to benefit from the collective product intelligence embedded within Crib Plus, ensuring optimal functionality and user experience.
‘We realised that the enterprise customer managing over 1000+ tenants have a more comprehensive expectation from their property management tool like Detailed Financial Reporting, Business Analytics, sophisticated workflows like Asset Management, Visitor/Parcel Management, Expense Management along with personalised customisations & integrations. We are building Crib plus to satisfy these.’ said Shaifali Jain, Co-Founder & CPO, Crib
The new-age Co-Living & Student Housing Companies are heavily investing in their brands. They want to put their brand ahead whether it is on the building front or the mobile app. With Crib Plus, we’ll be able to provide them exactly what they need!” said Sunny Garg, Co-Founder & CEO, Crib
Crib has raised over 2M$ till date from investors like Rebright Partners, We Founder Circle and 50+ renowned founders and tech operators like Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing), Ankur Aggarwal (Dunzo).
Crib is a cutting-edge SaaS-based property management solution provider founded in 2022. The platform connects landlords and tenants, offering a digital ecosystem that simplifies and enhances the rental housing experience. With a focus on technology, automation, and transparency, Crib has become a leading player in the real estate sector, managing over 1.5 lakh beds in multiple cities and facilitating yearly rents exceeding Rs 2,500 crores.
