Their Start-Up Is Solving A Problem And Doing Rs 10 Cr Turnover In Just 1 Year
Education is the primary requirement in everyone’s life according to Indian belief. Be it low income pockets or posh societies, every parent wants their children to get the best of education. They send their kids to distant places to study from top colleges.
But when it comes to accommodation, students have a hard time. Many colleges and universities fail to provide a place to stay. Given the rise in crimes against students, it is essential to live in a location that is safe and affordable as well.
Keeping in mind the needs of students, Rohit Pateria and Ankush Arora founded Placio in 2016. Derived from the Spanish word, Palacio, which means an impressive place for living, Placio caters to the lodging needs of the students who come to another city to study and promises a safe and secure environment.
The proud co-founders
Rohit hails from Panna, a small town in Madhya Pradesh. A qualified chartered accountant, he worked with various multinational companies. During that time, he travelled in and out of the country, which exposed him to various renting options. He came across different ethnicities, learning to adjust with diverse cultures around the world.
Rohit wanted to get into the real estate business. He discussed this with Ankush, who was working with capital market and international real estate, and they started researching. After a period of brainstorming, they narrowed down to student housing.
They understood the gap between demand and supply for migrant students. With limited availability of on-campus accommodation, many students were forced to rent rooms in private homes and apartments. Rohit and Ankush then founded Placio with an investment of Rs 25 lakh.
“Placio is solving student housing problems by creating capacity by aggregation of self-managed and branded properties, in localities closer to universities and colleges. It is bringing predictability and assurance in amenities and pricing,” says Rohit in an interview with KenFolios.
Placio properties are aesthetically furnished air-conditioned rooms in PBS building with wide range of amenities like quality food, high-speed internet, indoor gaming area, etc. They also runs an integrated customer care, parents’ helpline to manage students’ and parents’ issues effectively. They have created a community platform ‘Placio Social' and is building strong community connect among the residents.
Placio has given Rohit and Ankush wings to fly and experiment with more options. Initially self-funded and then by High Net-worth Individual (HNI), the business has soared high. The enterprise was built purely on risk of its founders and as they say, “living a risk-free life is a bigger risk.”
With a team of 20 people and headquartered in Noida, Placio is serving students in Noida, Greater Noida, Gurgaon, Delhi, Faridabad, Lucknow and Indore. They had initially tied up with Amity University and growing in leaps and bounds since then. They have incurred a turnover of Rs 10 crore last year.
The organization is also thinking of expanding to other cities. “Today students need a homelike atmosphere with all the facilities within a reasonable distance. With the migration of students from rural to urban areas and metros student housing has very big potential,” says Rohit.
With Placio, many migrant students have a safe place to stay with all the facilities and they can focus solely on their education without worrying about other problems.
By Pooja Srivastava