India: Serviced apartment company 14Square has received Rs 2 crore (US$302,000)funding from Sambhav Learning Private Limited.
The asset-light mid-market chain was co-founded by Mumbai-based Prashant Maharaj and Gaurang Chandarana and aims to be a real estate and hospitality player across major Indian cities. Sambhav is backed by Kolkata industrialist Ravi Didvania.
“Current estimates say the total value of the mid-market stays in India stands at about Rs 1.5 crore and this is set to double in the next decade. Sambhav has invested Rs 2 crores in the form of seed money and we are looking to go to raise working capital next,” said Maharaj.
Didvania said: “In addition to the Rs 2 crore investment, we will also develop assets worth Rs 50 crore which 14Square will manage for us. We have some existing properties under Sambhav Learning which will be managed by them. Going forward, this will help us build our real estate arm as well.”
14Square currently manages 10 serviced apartment developments across India.
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