Your-Space Secures Funding for Student Housing Expansion

Your-Space, a leading student housing startup, has successfully secured Rs 70 crore (around $8.2 million) in debt financing. This funding round was spearheaded by existing investor Shantanu Rastogi, who serves as the Managing Director of General Atlantic. Additional contributions came from other current investors, including Castle Investments and Ajax Capital.

In a regulatory filing made in January, the Your-Space board approved a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) priced at Rs 690 each to accomplish the Rs 70 crore fundraising goal.

Shantanu Rastogi’s investment amounting to Rs 25 crore led the round, while new investor Ashish Kacholia is set to invest Rs 10 crore. Other key contributions include Rs 7.5 crore from Satyadharma Investments and Castle Investments, with Ajax Capital and Holy Basil Consultancy each contributing Rs 5 crore.

So far, Your-Space has secured approximately Rs 51 crore of the targeted Rs 70 crore, with the remaining funds expected shortly. The freshly acquired funds will be allocated towards working capital needs, payments to creditors, and various other operational expenditures, as noted in the filings.

Importantly, the conversion of the debentures into equity shares will occur at a valuation of Rs 185 crore at a future date as specified in the filings.

Your-Space specializes in providing budget-friendly PGs, hostels, and co-living accommodations for both males and females. The startup boasts over 60 technologically advanced living spaces, equipped with safety features such as facial recognition, biometrics, and digital locks.

According to various data sources from startup intelligence platforms, the company has raised approximately $17.6 million in total funding, which encompasses both debt and equity investments, including a $10 million Series A funding round in January 2022 led by Shantanu Rastogi.

Based in Delhi, the company has reported impressive growth, achieving over 20% year-on-year increase in operating revenue, reaching Rs 142.7 crore in FY24 compared to Rs 117.2 crore in FY23. However, it should be noted that Your-Space incurred a loss of Rs 30.7 crore during the same financial year.