Aims to have 6,000 beds and expand into five markets by 2023
BENGALURU, India, June 10, 2022 /PRNewswire/ — Hyphen, India’s leading experiential living community, today announced that it has raised $1 million in a pre-seed round. The fund constitutes a combination of equity and minority debt, with notable Angels from Silicon Valley and the GCC region. Hyphen’s fresh capital will be deployed towards expanding into new markets, launching new product types and integrating technology and automation to drive consumer experiences.
Hyphen (formerly called Dwellingo) launched its first club (property) in August 2021 and has since been on a quest to eliminate urban loneliness. The company is growing at 200 percent month on month and plans to have 6,000 beds and expand into five markets, starting with Hyderabad, Pune, Chennai and, Delhi NCR, by 2023.
“People are drawn towards experience-focused, de-densified living; the pandemic helped accelerate this push. In fact, 76% 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 Rishi Sreedharan, Co-Founder & CEO of Hyphen. “At Hyphen, we are redefining living through an experience-first lens. Running at a 100% occupancy rate reaffirms our thesis that a consumer-first, differentiated living product is poised perfectly for today’s market. The capital will help us take Hyphen to competitive geographies and double down on hiring a 10x team. At the same time, the community is at the center of what we do, and our investment in our underlying technology stack will allow for a seamless living experience.”
The funds will be utilized to integrate automation and technology to make residents (Hypheners) more conscious about the footprint they leave. Hyphen’s goal is to shift the ecosystem from a commodity-focused to a consumer-focused living brand while ensuring technology is an essential part of the Hyphen experience.
“Post COVID, the co-living market has witnessed huge growth with people flocking back to offices. There is a greater need for players/companies to offer more than just four walls and a roof. Hyphen’s emphasis on hybrid, experiential-led living sets them apart and takes a huge leap into the future of organized living. I am thrilled to be a part of their journey in category creation,” said Sriram Puthucode, former VP at Symantec Global.
Real estate services firm Jones Lang LaSalle predicts that the co-living market in India is expected to hit 1 trillion in the next five years. This growth, coupled with the shifting consumer focus towards experience-led spending, drives Hyphen to raise the bar for valuable and ubiquitous community living, providing a myriad of networking opportunities, socializing, and beyond.
About Hyphen:
Hyphen is India’s leading experiential living community eliminating urban loneliness! Formerly called Dwellingo, Hyphen, redefines what it means to live, love, work, and thrive under the same roof. Founded in June 2021, by Anirudh Rao, Grishma Reddy, Rishi Sreedharan, and Samarth Gowda, the company is building India’s first experiential living community that fosters meaningful relationships. With the aim to have 6,000 beds and expand into five markets by 2023, its clubs are geared towards young working professionals who seek holistic lifestyle experiences, i.e., people looking for mid-day meditation and a memorable night out in the same 24-hour cycle. For more information, please visit: https://www.hyphen.club/
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