In the fast-growing co-living market in India, Union Living aims to carve a space for itself with solutions tailored for students and young professionals. Founded in 2020, this Mumbai-headquartered startup has rapidly expanded its footprint across two cities, offering over 1000 operational beds.
In an exclusive interview with Editorji's Avni Raja, co-founder Parth Soni talked about the genesis of Union Living. He shared that the inspiration behind the co-living company stemmed from personal experiences, particularly his brother's academic journey that took him across continents. Recognising the dearth of comprehensive co-living experiences in India, the duo embarked on a mission to redefine the sector's landscape.
Union Living's approach intertwines modern technology with customer-centric ethos. Parth Soni delineates the company's efforts to streamline the customer acquisition process, leveraging digital channels while prioritising transparency and ease of access to information. The company's revenue streams predominantly stem from student accommodations, comprising approximately 70% of its portfolio, with co-living and short-term stays constituting the remainder.
Looking ahead, Union Living's expansion blueprint revolves around market deepening rather than broadening. With imminent launches in Mumbai, Pune, and exploratory ventures in Gujarat and Bangalore, the company aims to solidify its presence in established co-living hubs.
In terms of occupancy rates, Union Living boasts an impressive average of 92-93% across its portfolio, a testament to its growing popularity and customer satisfaction. Financially, the company believes it is poised for substantial growth, and it also plans to raise funds upwards of Rs 10 crores to fuel its expansion endeavors.
"We don't like to grow wide, we like to grow deep and we like to grow sustainably; profitability is always our biggest, I guess, priority on the table", says Parth Soni.
While talking on challenges faced by Union Living, Parth Soni notes that they persist, particularly in operational realms, where balancing high customer expectations with sustainable margins remains paramount. Despite the hurdles, Union Living remains steadfast in its commitment to delivering exceptional co-living experiences while navigating the evolving dynamics of the sector.
As Union Living continues its trajectory of growth and innovation, it remains a pivotal player in revolutionising the co-living landscape, offering a compelling blend of comfort, convenience, and community for the modern urban dweller.
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