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Crib, a property management app co-founded by Sunny Garg, Shaifali Jain, and Archit Chauhan in 2021, has introduced Crib Plus, a premium version of its existing platform, with an investment exceeding USD 1 million. This move aims to cater specifically to the expanding student housing and co-living market segments in India, which are projected to experience significant growth in the coming years.
The decision to develop Crib Plus comes as a response to the forecasts for these sectors. According to the International Monetary Fund (IMF), India's residential rental market stands at over USD 20 billion, with urban areas contributing USD 13.5 billion, highlighting a market potential.
A report by Colliers in December 2021 indicated that India's co-living market is set to double by 2024. Moreover, a study conducted by Colliers India in June 2023 projected exponential growth in the student housing sector, fuelled by an anticipated rise in student enrollment, reaching 31 million by 2036. This increase in demand is expected to create a gap between the existing supply of student beds (7.5 million) and the increasing demand, highlighting an opportunity for growth in this sector.
Crib's investment in Crib Plus shows its commitment to adapting to the evolving needs of the real estate market, particularly in the dynamic landscape of student housing and co-living. The app currently serves over 1000 landlords managing 2500+ properties, encompassing over 150,000 beds and generating a rental income exceeding 2500 crores. Crib facilitates streamlined operations and finances for landlords through its suite of mobile apps, offering features such as rent reminders, online payment collection, and digital agreement signing.
Crib Plus offers distinct advantages to operators in the student housing and co-living sectors. With its lower cost, it can potentially reduce management expenses by up to 25%. Additionally, users benefit from the collective product intelligence integrated into Crib Plus, ensuring optimal functionality and user experience.
Shaifali Jain, Co-Founder & CPO of Crib, highlighted the comprehensive expectations of enterprise customers managing over 1000+ tenants. Crib Plus is designed to meet these demands by offering detailed financial reporting, business analytics, and sophisticated workflows like asset management, visitor/parcel management, and expense management, along with personalised customisations and integrations.
Sunny Garg, Co-Founder & CEO of Crib, emphasised the importance of brand investment for modern co-living and student housing companies. Crib Plus aims to provide them with the tools necessary to enhance their brand presence, both in building design and mobile app experience.
Crib has secured over USD 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), and others.
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