Urban Nomads (How these founders are making co-living and co-working mainstream in 2023)
Urban Nomads is Co-Working Space Startup
What is Urban Nomads?
”Knowing we touched lives makes us feel good and gives us a sense of purpose”, believe the founders of Urban Nomads, Navin kishore Singh, and Nakul Rajpurohit. Urban Nomads through its integrated space has developed an ecosystem of entrepreneurs, students, freelancers, remote professionals, and explorers. The aim of building an ecosystem is to foster lifetime value with our members and customers via value exchange and cross-collaboration.
By providing work-ready homes in strategic locations, they built a community of remote workers, digital nomads, and founders. These places became hubs where people wanted to come to life, was founded in 2019.
The vision of the startup is “to create a life of balance, with purpose”
The mission is “about empowering others to make their own decisions about where to work when to work, and with whom to work”
|One Time Payment, Membership
How did Urban Nomads Start?
The founders, Navin and Nakul, met during their trip across India. Fostering their new relationship led to conversations of adventure and work, and wondering why work couldn’t be their adventure. So the idea to start a business together was formed. Besides their dream of offering a remote lifestyle, a platform to connect with like-minded individuals, and the ability to design an inspiring life, both of them had a lot in common.
Urban Nomads Overview
This co-working and co-living startup has so far grown by 12x to 13x per year.
The market penetration of the entire backpacking ecosystem is still pretty low, feels the founder. There are only about 12000 to 13000 beds in the backpacking industry across India. This is low compared to the youth population of 65 crores which forms the market size for this business That is why the market penetration for this service startup is also low. They were at 26 beds last year. Currently, they are at around 350 beds.
Area of Operation
The headquarters is in Pune, and both the founders operate from there. Some workers work remotely, that is, the working team is in a hybrid model. There are 2 places in Goa, one in Udaipur, and one in Rishikesh. The team is coming up with a place in Gurgaon soon.
Starting with two people, today the team stands at a headcount of 40 people.
The amenities that the startup provides are Coliving, Coworking, No security deposit, No lock-in, WIFI, Laundry, Library, a Common area, Housekeeping, and all-inclusive bills.
The target audience is the demographic of 21 to 29 years old (forming the 80% market share), but this is not exhaustive. Any age group can be a target market for the startup if they are in need.
This Pune-based startup gives people value in terms of co-living or co-working space and their customers pay for the same. There is a membership model which can club different cities and different co-living spaces. More revenue streams will be generated in the coming future, one of them being a technology-based marketplace where employers can help freelancers and interactions can happen
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In the past two years, the total capital raised in the project has been around INR 2 crores, out of which the past year witnessed a turnover of INR 1.5 crores. This year the team is targeting to clock around INR 6.5 crores in revenue.
The strength of the startup is its product and the idea. An ergonomic space with quality furniture, good enough for someone to spend long hours there is what the team is providing This is also evident from their 70% retention rate.
The weakness of Urban Nomads is that it is not growing fast enough as compared to its competitors because they have raised more capital. The founder feels they need to work on raising more capital.
Given the penetration and youth population, there is still a huge market size to be explored which gives this startup a great opportunity.
The threat to this model is unforeseen circumstances like the COVID-19 pandemic.
Urban Nomads Funding
The business was started with a capital of INR 45 lakhs. Subsequently, the team invested a total of INR 80-90 lakhs in the next two years. Post that, the first round of fundraising was raised at a valuation of INR 2.5 crores. The last fundraising round was raised at a valuation of INR 18 crores.
Urban Nomads Founder
Nakul Rajpurohit and Navin Kishore Singh are the co-founders of Urban Nomads.
Who is the founder of Urban Nomads?
1.Nakul Rajpurohit 2.Navin Kishore Singh
What is an urban nomad?
Urban Nomad is a co-living/co-working space startup