The managing director of General Atlantic and current investor Shantanu Rastogi has led the student housing startup Your-Space in raising Rs 70 crore (roughly $8.2 million) in debt. Other current investors, such as Castle Investments and Ajax Capital, are also participating in the round.
According to Your-Space’s January regulatory filing obtained from the RoC, the board has approved a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) at an issue price of Rs 690 each in order to raise Rs 70 crore.
Ashish Kacholia, a new investor, will contribute Rs 10 crore, after Shantanu Rastogi, who led the round with an investment of Rs 25 crore. Other noteworthy investments are the Rs 7.5 crore each from Satyadharma Investments and Castle Investments, and the Rs 5 crore each from Holy Basil Consultancy, Ajay Gupta’s family office, and Ajax Capital.
About Rs 51 crore of the Rs 70 crore total has already been given to the company; the remaining sum will be received shortly. The filings also stated that the new funds will be utilized for standard business operations, creditor payments, and working capital needs.
At a later time, the filings also stated that the conversion of debentures into equity shares will be carried out at a valuation of Rs 185 crore against the aforementioned amount.
A company called Your-Space provides co-living spaces, hostels, and reasonably priced PGs for both boys and girls. The company has more than 60 smart spaces that incorporate tech-enabled safety features like digital locks, biometrics, and facial recognition.
A $10 million Series A round led by Shantanu Rastogi was raised in January 2022, and the company has raised approximately $17.6 million in funding, including debt and equity, according to media.
Operating revenue for the Delhi-based company increased by more than 20% year over year to Rs 142.7 crore in FY24 from Rs 117.2 crore in FY23. In the same time frame, the Delhi-based business reported a loss of Rs 30.7 crore.
