While startups such as RedDoorz, OYO, and Airbnb aim to meet the accommodation needs of tourists, Singapore-based startup Oxfordcaps is looking at doing something similar for a different consumer group, foreign students in Asia.
The company announced today that it closed SGD 11 million (USD 8.1 million) in a Series A fundraising round led by Times Internet. Existing investors – Kalaari Capital and 500 Startups – also participated in this round.
The newly injected funds will enable Oxfordcaps, which was founded in Singapore in 2017, to further its footprint in India, where it wants to expand into more than 10 cities.
The company was started by INSEAD graduate Annu Talreja and IIM-Calcutta alumni Priyanka Gera who thought they could use technology to meet the lifestyle needs of foreign students. Utilizing technology like IoT and deep learning, the company provides fully-fitted and custom designed residences and a digital platform with services and amenities like wifi, laundry, nutritious meals, professional housekeeping and an array of career development and lifestyle focused events and activities for students. For this, they work with already existing properties, making them more student-friendly.
The concept taps into the broader trend of co-living, but tailors it for student needs.
Students can choose to stay in Oxfordcaps Premium Residences, Oxfordcaps Student Residences or Oxfordcaps Dorms according to their various preferences and budget.
Buoyed by the massive lack – the unmet demand for student housing in India stands at 30 – 60% across the top Indian States according to a 2018 report of Jones Lang La Selle, Oxfordcaps operation in India has grown exponentially, up to 30 times over a period of less than 10 months, the firm says.
Editor: Nadine Freischlad