How CoHo is Re-inventing the idea of Co-living?

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A trending idea brings services at your doorstep your stranger’s doorstep. Co-living is a modern form of housing where residents share living space and a set of interests, values, and/or intentions.  It’s a new take on an old idea, imagined by a millennial generation that values things like openness and collaboration, social networking, and the sharing economy.

Co-living is a cultural distinction and tends to be urban and integrated into a single building, house, or apartment. Neighbors commit to being part of a community for everyone’s mutual benefit. Co-living cultivates a culture of sharing and caring.

A place where you wake up next to a stranger and says “I probably must know him”. Interaction with like-minded from various industries or educational background brings people to work on common living. It might be possible that few most trending startups might come from the places like Co-living.

Headquarters: Gurgaon

Description: CoHo is a tech-enabled platform pioneering the concept of Co-Living Spaces in India with its managed apartments and villas for a hassle-free living experience to the millennials. It provides managed rental accommodations for young professionals and students in India (currently in Delhi NCR with 500+ residents)

Founders: Uday Lakkar & Amber Sajid

No.of Employee: 15

Categories: Co-living spaces

Funding: Seed Funded

Website: http://www.coho.in/

Social: www.facebook.com/cohostayz

The Inception

coho space living 3

CoHo was born out of a need and a pain-point, which so fundamental to the youth in India yet unaddressed blatantly. Uday Lakkar mentioned that he recollects several instances like that of his friend from IIM-A struggling to find an accommodation in India’s largest metro city for more than a couple of months simply because of discrimination based on community background; another instance that he recollects which took him out of the way. He was shunned from entering so many residential societies in Gurgaon simply just because he wanted to stay with other bachelor friends from McKinsey, He even remembers a notice board saying “Bachelors and Dogs are not allowed here”.

Also, I feel that the overall quality of youth accommodations (for students and working professionals) in India is in an abysmal state with inconsistent services, poor infrastructure and no technology whatsoever says Uday Lakkar. There is a crying need for a trusted brand with a promise of consistent services at affordable price points in long stay accommodations segment and we at CoHo are trying to create exactly that, our response from the market till now has been a testimony to the same.

CoHo is currently operational across Delhi NCR catering to both young student and working professionals and targeting to cross 5000 beds in 2017.

What is co-living for coho and how are they different from their competitor?

coho space living2CoHo provides ready-to-move-in shared accommodations with all services for hassle-free living like housekeeping, WiFi, DTH Cable, repairs & maintenance, etc. Besides these, there are provisions for self-help amenities like fully-automatic washing machines for laundry, ironing facilities, microwave and induction oven, fridge, tea/coffee machine, etc

CoHo has these 3C’s as its DNA – Comfort (ready-to-use premium accommodations), Convenience (professional services) & Community (social experience) for servicing its residents.

Other local players in the market don’t focus on consistency & quality of services with limited/no complaint redressal, quality of amenities (typically old furnishings & appliances), a headache of vacancy of other roommates and brokerage being there in other cases.

Milestones

Major challenges faced are in terms of spreading awareness of the concept and trust building gave that this industry suffers from a deficit of trust over time and unprofessional approach from the brokers and service providers alike. The problem is a bit more pronounced in markets like Delhi NCR in particular which are huge in size yet quite an unprofessional market overall, leading to dissonance among young customers. CoHo is trying to exactly address this trust deficit issue by creating a trusted brand that promises and delivers a high-quality experience to its residents consistently.

Popularity Among Cities

coho space livingThe concept is relatively new in India so there is definitely need for customer education and explaining them the concept initially. However, we are seeing tremendous traction in vibrant youth-centric cities like Gurgaon where young professionals are loving it once they see and experience the concept first hand. Even word of mouth and referrals from their friends is working a lot in gaining momentum given that this is typically a high-touch experience product and not am impulsive purchase for the user. Also, given that Bangalore and Gurgaon have huge job opportunities the number of migrants is also increasing.

 

Companies Model & Lead Generations

CoHo generates most of our leads from Social Media and our website through a 3D view.

CoHo operates on an extremely asset-light model of leasing out apartments and villas from property-owners, furnishing them with standardized peppy & modern furniture & appliances, which also comes on rent from outsourced third-party vendors. It also ensures that all day-to-day necessary services like Housekeeping, WiFi, Cable, Repairs, etc are taken care of for the residents via its mobile concierge app.

How Big is CoHo & What are their future plans?

We are a 15-member team with the right blend of strategic, technology, real estate and hospitality backgrounds which hail from esteemed institutions and corporates like, IIM Ahmedabad, University of Waterloo, St. Stephen’s College, McKinsey, DLF and Ireo. We strive to ensure the perfect home experience which transitions seamlessly across the digital and physical space.

We are looking to expand into students with CoHo Dorms which has a huge market opportunity in Delhi NCR and another tier 1 cities. CoHo already has tied up with FMS B-School in Delhi and have more than 200 beds in CoHo Dorms.

 

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How CoHo is Re-inventing the idea of Co-living?
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How CoHo is Re-inventing the idea of Co-living?
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CoHo is a tech-enabled platform pioneering the concept of Co-Living Spaces in India with its managed apartments and villas for a hassle-free living experience to the millennials. It provides managed rental accommodations for young professionals and students in India (currently in Delhi NCR with 500+ residents)
Aditya Gupta
Startupwine
Startupwine
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