"We expect the co-living market to continue to grow further, Oyo Life is geared to provide over 100,000 beds by 2019-end. This is in line with Oyo's mission," said Oyo New Real Estate Businesses chief executive Rohit Kapoor in a statement.
Launched in October 2018, Oyo Life takes an entire building on lease to refurbish, control inventory and manage the property end-to-end to offer it on long-term rent to individuals and sharing partners.
Addressing the demand and supply gaps in long term rental housing space and enabling the tenants to avoid heavy deposits, lock-in periods, furnishings' expenses, maintenance and unpredictable living conditions are the company's focus areas.
After a year of operations, the company said it controls an inventory of 40,000 beds in 700 buildings in nine Indian cities - Delhi, Noida, Gurgaon, Pune, Bengaluru, Mumbai, Hyderabad, Chennai, and Kolkata.
Targeting millennials and young professionals, the technology-driven rental housing player is unlike aggregators, as it does end-to-end management of the rental property.
Oyo Life has tied up with Indian Institute of Technology - Delhi and Plaksha University in Gurugram to provide student housing solutions, the company said.
Offering beds beginning at Rs 6,000 rupees per month, the company's offers modern amenities such as wi-fi connectivity and cctv surveillance among others.
( With inputs from IANS )