Homversity Shark Tank India Episode Review Homversity:

Revolutionizing Student Housing

Episode Date: 24/Jan/2023 – Season 3

Homversity Shark Tank India Founder: Saurav Kumar Sinha

Homversity Shark Tank Business Overview:

• Homversity is a smart digital housing platform for students, offering services without brokerage or hidden fees.
• SAAS-based marketplace addressing student issues: lack of options, brokerage, hygiene problems, and unsatisfactory food with no refund policies.

Homversity Shark Tank Services Provided:

• Operating in more than 30 cities with over 1.1 lakh beds available.
• Differentiates between hostel and hotel booking.
• Homversity app includes automated service request handling, encompassing over 140 parameters in hostel enlistment and quality checks.
• Features a bypass prevention system to tackle leakage and cheating issues.

Homversity Shark Tank India Episode Ask and Performance:

• Asked for ₹65 lakhs for 2% equity at a ₹32.5 Cr valuation.
• Post-COVID, bookings worth over ₹6 Cr happened in 2022.
• Already crossed ₹3.5 crores in the current year.
• Current expenses are ₹8 lakhs, with ₹2 lakhs in revenue and a burn rate of ₹6 lakhs.

Homversity Shark Responses:

• Anupam’s Decision: No, citing concerns about business maturity.
• Vineeta’s Decision: No, based on retention data and a 3-month average occupancy rate.
• Aman’s Decision: No, despite appreciating the founder’s energy.
• Peeyush’s Decision: No, suggesting a focus on one city instead of nationwide expansion.
• Ritesh’s Decision: No, expressing concerns about the founder’s focus and clarity.

Homversity Hostels Website Presence:

• Homversity Website
• Remarkably ranks for broad keywords like “hostels kota,” competing on over 2000 keywords and attracting around 9000 monthly visitors.

Expert Opinion on Homversity :

• Rishi Dutt Sharma, Founder of Tomaque Digital Services, suggests addressing retention issues through package deals and offering services at a lower cost compared to the market.
• Emphasizes that reducing prices, enhancing services, and adding value can increase retention, contributing to the brand’s success and establishment as a standard.

Homversity, though facing challenges, has a promising online presence and potential for improvement in retention strategies for sustained success.

Revolutionizing Student Housing: Homversity’s Shark Tank India Journey

In an intriguing episode of Shark Tank India Season 3, Saurav Kumar Sinha, the founder of Homversity, presented a compelling case for transforming student housing through a smart digital platform.

Homversity’s Mission: Homversity aims to revolutionize student housing, addressing a myriad of challenges faced by students, including a lack of options, brokerage issues, hygiene concerns, subpar food, and absence of refunds. Positioned as a Software as a Service (SAAS)-based marketplace, the platform operates without brokerage or hidden fees.

Key Features: Saurav highlighted that Homversity operates in over 30 cities, providing more than 1.1 lakh beds. The platform distinguishes between booking a hostel and a hotel, offering an automated service request handling feature. The app employs a comprehensive quality check system, evaluating over 140 parameters for hostel enlistment. To tackle issues like leakage and cheating, the app includes a bypass prevention system.

Financial Snapshot: Seeking a 65 lakh investment for a 2% equity stake at a 32.5 crore valuation, Saurav shared that post-COVID, the platform witnessed bookings worth over 6 crores in 2022. Already crossing 3.5 crores this year, the current expenses stand at 8 lakhs, with 2 lakhs in revenue and a burn of 6 lakhs.

Shark Tank Verdict: Despite Saurav’s energetic pitch, the sharks had reservations. Anupam expressed concerns about business maturity, leading to his rejection. Vineeta cited data-related issues and a three-month retention rate as reasons for her rejection. Aman appreciated the energy but ultimately declined, while Peeyush pinpointed a lack of focus and clarity, leading to his rejection. Ritesh advised focusing on one city before expanding nationwide.

Insights from Tomaque Digital Services: Rishi Dutt Sharma, Founder of Tomaque Digital Services, emphasized that retention issues could be mitigated through package deals and cost-effective service rationing. Explaining the three-month retention rate, he noted that students often transition from shared rooms to independent rented spaces for more freedom, signaling an opportunity for Homversity to enhance its offerings.

Website Analysis: Homversity’s website (https://www.homversity.com/) emerged as a positive aspect, ranking for broad keywords like “hostels Kota” and contesting on over 2000 keywords. With approximately 9000 monthly visitors, the platform seems well-positioned in a niche with limited competition, presenting a favorable business prospect.

Homversity’s journey on Shark Tank India reflects the challenges and opportunities in reshaping student housing. As they navigate the evolving landscape, strategic enhancements and a focused approach could propel them toward becoming a standard in the student housing sector.

Homversity: Transforming Student Housing

Brand Identity: Homversity

1. Smart Housing Solutions: Homversity – A leading digital platform providing intelligent housing solutions for students.
2. Transparent Services: Committed to offering services without brokerage or hidden fees.

Service Offering:

3. SAAS-Based Marketplace: Utilizing Software as a Service (SAAS) for a seamless and efficient marketplace.
4. Comprehensive Solutions: Addressing common student housing issues, including limited options, brokerage, hygiene concerns, and unsatisfactory food.

Key Problem Areas Tackled:

5. Option Availability: Ensuring a diverse range of housing options to cater to varying student preferences.
6. Brokerage Elimination: Providing a platform free from intermediary charges for cost-effective solutions.
7. Hygiene Standards: Upholding high cleanliness and hygiene standards in all accommodations.
8. Food Quality Assurance: Offering satisfactory food services with clear refund policies.

Technology Integration:

9. User-Friendly Interface: Creating an intuitive platform for easy navigation and a seamless user experience.
10. Real-time Availability: Implementing technology to showcase real-time housing availability.
11. Digital Transactions: Facilitating secure and transparent financial transactions through digital platforms.

Benefits for Students:

12. Cost-Effective Living: Eliminating brokerage for more affordable housing options.
13. Hygienic Living Spaces: Ensuring student accommodations meet rigorous hygiene standards.
14. Transparent Transactions: Building trust through transparent dealings and refund policies.

Challenges Addressed:

15. Brokerage Costs: Offering financial relief to students by eliminating brokerage fees.
16. Accommodation Quality: Ensuring all listed accommodations meet predefined quality standards.
17. Food Satisfaction: Addressing dissatisfaction with existing food services through clear refund policies.

Future Growth Strategies:

18. Expansion of Services: Introducing additional services such as laundry, cleaning, and community-building activities.
19. Geographical Expansion: Extending services to cover a broader range of educational institutions and cities.
20. Partnerships: Collaborating with educational institutions for mutually beneficial partnerships.

Unique Selling Proposition (USP):

21. Brokerage-Free Living: Providing a unique proposition with a platform devoid of brokerage charges.
22. Hygiene Assurance: Ensuring a clean and hygienic living environment for students.
23. Transparent Policies: Building trust through clear refund policies and transparent transactions.

Student-Centric Approach:

24. Understanding Needs: Constantly evolving services based on student feedback and evolving requirements.
25. Community Building: Fostering a sense of community among students through shared activities and events.

Technology for Convenience:

26. Mobile App: Offering a user-friendly mobile application for easy access to housing solutions.
27. AI Integration: Implementing artificial intelligence for personalized housing recommendations.

Roadmap to a Billion-Dollar Business:

28. Market Penetration: Capture a significant share of the student housing market in India.
29. Diversification: Expand services to cover additional student-centric needs beyond housing.
30. Global Expansion: Take the successful model to international markets with a focus on student-heavy regions.
31. Strategic Partnerships: Form alliances with global educational institutions and housing providers.
32. Continuous Innovation: Stay at the forefront of technology by incorporating emerging trends in proptech.

Probability of Reaching Billion-Dollar Valuation:

33. High Market Demand: Growing demand for student housing solutions in India and globally.
34. Tech-Driven Solutions: Leveraging technology to streamline operations and enhance user experience.
35. Evolving Market Trends: Adapting to emerging trends in student living and digital platforms.
36. Strategic Scaling: Ensuring a balanced and strategic approach to scaling operations.
37. Positive Market Response: Monitoring and responding to market feedback for continuous improvement.

Homversity, with its innovative and student-centric approach, is poised for substantial growth in the evolving proptech landscape, providing a unique value proposition and addressing critical pain points in the student housing sector.