Delhi-based student housing community Ezstays on Monday announced that it has raised $400,000 in a seed round from Richard Rekhy, former CEO of KPMG and other private investors.
According to the company statement, keeping premium amenities at its core, Ezstays will allocate funds to further refine its customer experience.
Launched in March 2019 by Vaibhav Khanna (CEO), Abhishek Kumar (Head of Expansion and Marketing), and Kumar Gaurav (COO), Ezstays offers accommodation services and operates more than 1,200 beds in educational hubs such as Greater Noida, Ghaziabad, New Delhi, and Bhopal.
Speaking on the new development, Vaibhav Khanna said,
“This student housing company is tightly managed and operationally sound. We are thankful to Richard sir for placing his faith in us, and we are sure of achieving increased investor confidence which will enable us to reach new heights and gain more success.”
With an aim at curbing every type of ambiguity faced by students and their parents in terms of reallocation in Tier I or II cities, Ezstays claims to offer all-round ease, comfort, and safety with new-age amenities such fully equipped gymnasium, laundry services, snack machines, library, games, on-call doctor, motivational classes, career counselling, mentorship programmes, personality development courses, opportunities for internship, movie screenings, sports fests, birthday celebrations, stand-up comedy, DJ nights, and gaming competitions.
Commenting on the investment, Richard Rekhy said,
“Student housing is a good business across the world especially in the UK and European countries. In India too, with the increasing trend in student’s mobility across states to move to bigger cities for higher education, the demand for quality and safe student housing is rapidly growing.”
“A good company can make a difference by offering students not only quality and hygienic accommodation but also offering other benefits such as counselling, sports facilities, library, social events like food challenges, cooking competitions, interaction with business leaders, mentorships, and more. I was impressed with the promoters of Ezstays who have good hands-on experience to make their business model successful. Also, the passion and professionalism brought in by Vaibhav Khanna motivated me to invest in Ezstays,” adds Richard.
Started with 500 beds in their year of incorporation, the startup expects to reach 5,000 beds by the start of the academic session of 2021-2022.