What Takes YourOwn Room to India’s $6.5B Co-Living Market
In an interview with Caleb Friesen at his YouTube Channel “Backstage With Millionaires,” CFO of YourOwnROOM reveals its entire journey. So, let’s take this journey piece by piece to understand it more clearly.
Motive Behind YourOwn Room
The main motive towards the foundation of YourOwn Room was to provide millennials with the best place to live when they are abroad their home. As mentioned by Prabhat Kumar, more than 80 percent of millennials in the country move cities to cities depending upon their jobs. One of the most prior challenges they face is a place close to their workstation where they can live peacefully and remains close to their work.
When it comes to choosing a property to live, they face many challenges such as discrimination (based on gender or religion), lousy quality property, hefty rents, etc. Also, they need a place close to their workstation for more comfortable transportation. So, to overcome all these issues, they thought to provide an interface to the millennials to get the best-in-class rental rooms for them that solve all these challenges.
How Demand and Supply gets connected
As from Prabhat, there were more than 12 million vacant property and half a million ready and unsold property in metropolitan areas that was needed to be filled. On the other hand, there are millions of millennials that move cities to cities depending upon their job. So, YourOwn Room connected both – demand and supply.
YourOwn Rooms chosen those properties which are in good condition as well as in a good location so that it will be easier for people to get to their workstations. And in this way, they filled the match between the demand and supply to give millennials find their ideal rooms to stay.
What Differentiates YourOwn Room from Other?
The thing that differentiates YourOwn Room from others is the best-in-class services that YOR provides and its relationship with its partners as well as their customers. YourOwn Room carefully understands the need to each individual and try to fullfil them at its best that makes them different from others.
Another thing is the implementation of technology. YourOwn Room has implemented AI (Artificial Intelligence) and ML (Machine Learning) to improve their services as well as statistics. That makes them way better than other competitors and has raised to such a high-end position.
How YourOwn Room Established and Growing
YourOwn Room was established with a capital investment of $1.3 Million in funding. With this funding, YOR invested in technology, properties, and in other sectors to improvise the abilities. From the initial stage, there have been four buildings in Bangalore, with the counting still running.
As of now, the company has more than 1,500 beds, which the company is expanding for more accommodation. In this way, YOR is expanding its reach to other metropolitan cities to provide these top-notch services in those cities.
YourOwn Rooms Milestones
As of now, YourOwn Room is providing its services in two cities, including Bangalore and Pune. And now, the company is expanding its reach to other metropolitan cities. As mentioned by Prabhat Kumar, since they were successful in managing YOR in one of the cities, they are capable and have the determination to expand its reach to more cities.
Also, they have managed to arrange more than 1,500 beds and are on the verge to hit 2,000-bed counts by the end of this financial year. Even, they have recently touched the milestone of 35 crores order booking, which is tremendous in its way. So, all these make them achieve more heights in the Real Estate.
So, this is a short story of one of the most successful online managed rental platform – YourOwn Room from the CFO of the company. This is quite encouraging, especially for Entrepreneurs.
