The funding will assist the company in expanding in 10 cities across India – a massive market in terms of size and scale, according to founder and COO Priyanka Gera.
“There are 36 million students who opt for higher education and over 75% of them move from one city to the other for this purpose,” Gera told The PIE News, adding that university enrolments are increasing at 8-9% per annum.
“There is huge demand-supply gap in the market owing to lack of quality hostels and PBSA,” she said.
Currently Oxfordcaps is buying existing properties and hostels, with improvements aimed at student needs and preferences.
While the housing provider notes that initially the domestic market is key – domestic mobility comprises of 99% of the India market, Gera explained – the firm is being contacted by many consultants for accommodation of incoming foreign students.
“However, foreign inflow is very limited,” Gera admitted – it is a trend that had just started.
In Singapore, the company boasts a diverse and international student community at its locations serving students at universities including National University of Singapore, Nanyang Technical University, Singapore Management University and others, according to its website.
Oxfordcaps is seeking to bundle services such as laundry, wi-fi, maintenance via an app, and security features – biometric-controlled access and CCTV – into its accommodation to improve overall student living experience.
“[It’s] currently absent in the Indian market. Hence, we are trying to solve the problem by using the existing residential inventory and staying asset light; yet creating a value proposition due to an under-serviced market,” she said.
Oxfordcaps is launching in Delhi, Dehradun, Greater Noida, Indore, Jaipur, Bangalore, Pune, Chandigarh and Ahmedabad and others.
The company’s website has been updated to include property details, proximity to university, all offerings, amenities and inclusions, price list and payment plans, partner brands and discounts available with our partner brands, technology support and features.
The fundraising was led by Times Internet, joined by existing investors Kalaari Capital and 500 Startups.