Further investment for Indian operator 14 Square

14 Square co-founder Prashant Maharaj

by George Sell / 02 October 2016/Service Apartment News

India: Serviced apartment provider 14 Square has raised an undisclosed amount in a funding round.


India: Serviced apartment provider 14 Square has raised an undisclosed amount in a funding round.

The company, which provides serviced apartments in 20 cities across India, will use the funding to expand its business.

14 Square was founded by Gaurang Chandarana and Prashant Maharaj in 2015. Its offer includes a centralised concierge service, free wi-fi, breakfast, home cooked food and wellness programs.

The company, which received $300,000 in investment from Sambhav Learning Private Limited in August 2015, claims to be India’s first standardised, national chain of serviced apartments. It currently operates properties in Delhi, Mumbai, Pune, Kolkata, Bangalore, Ahmedabad, Chennai, Gurgaon, Goa, Hyderabad, Nashik, Jaipur, Agra, Shimla, Coimbatore and Visakhapatnam.

www.14square.in

Editor’s Comment

The Indian serviced apartment market is seeing tremendous growth, with international players such as BridgeStreet and Oakwood establishing a significant presence. BridgeStreet, in particular, is working with Indian developers such as JNB Group, Silverglades, Homestead, V Square, AIPL and CHD Developers, with a target of having 5,000 units under operation by 2021.

And it’s good to see local operators such as 14 Square getting in on the act, and successfully raising the funds to expand its business. The serviced apartment sector is relatively immature in India, especially when compared with South-east Asia, and there is likely to be no shortage of opportunities for both global and domestic players.

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