Self Storage India — The Next Chapter
NEW DELHI, Jan. 24, 2022 /PRNewswire/ -- Warehousing / storage and logistics infrastructure comprise the bedrock of any strong economy and are currently thriving in India. However, self-storage, or personal / small-scale storage solutions are recent entrants to the market and are still finding their footing. Self Storage India was the pioneer in the Indian arena, and they laid the cornerstone for their vision by launching their first facility in New Delhi - NCR in 2013. Even at the outset, the company envisaged a business that would eventually cover the entire country. Iteratively, that vision has come closer to realization, with each new facility expansion. The company's fourth facility, being launched today, marks the start of an aggressive growth phase and the rollout of its national expansion plan.
The last two years of the pandemic have seen unprecedented relocations of individuals and scaling down of office spaces. This situation has escalated the need for self-storage at an unprecedented pace. "Our business plummeted during the first lockdown; however, the minute relaxations came into effect, we saw a surge of 250% in the demand for our services, and suddenly there were waiting lists at all our facilities," says Dr Manjali Khosla, CEO of Self Storage India.
Their latest facility in Dwarka, New Delhi is part of a pipeline of new capacity, addressing the continually increasing demand for their services. That facility has a built-up area of over 27,000 sq. ft. and will offer 400+ rooms. It is strategically located adjacent to an upcoming mega-project, the India International Convention & Expo Centre (IICC) in Dwarka, New Delhi - one of Asia's largest convention / exhibition facilities and is only 15 minutes away from the internatuional airport. Based on customer feedback they gathered in 2021, this storage facility offers more 'mini storage' units or rooms under 50 sq. ft. It's also their first facility to offer covered car storage. The company has invested over INR 2 crore into new facility fit-out and has installed modern security measures and other risk mitigants to ensure customer peace of mind. "We are a customer-centric company, and our latest facility aligns closely with our customer needs – locationally and in terms of our service mix. We want our customers to think of us as THE one-stop destination for all their personal and small business storage requirements," adds Khosla.
Following this launch, by 2Q 2022, Self Storage India plans to expand its existing Hero Honda Chowk facility in Gurgaon by an additional 400 rooms, moving closer to its overall target of 2000 rooms within Delhi - NCR. "The pandemic has made us all realize the value of our living and working spaces—clutter which lay overlooked for years, has now become bothersome and every square foot of space within our houses and offices is more valuable than ever. Most often, people don't wish to get rid of their lesser-used belongings as those still represent an emotional or financial value, giving rise to a need for a safe place to store them. Also, work and study from home have become a reality for many of us. For our B2C consumers, it means that they seek to maximize the utility of their homes. Meanwhile, B2B clients are looking to be more agile about their office spaces," Khosla succinctly summarises the drivers behind the elevated demand for self-storage in India.
Samir Khosla, co-founder of Self Storage India, said, "Beyond being a socially useful business that enables individuals and enterprises to operate more efficiently, self-storage is globally recognized as a mature and resilient investment asset class that consistently outperforms other forms of commercial real estate assets, despite the ups and downs of economic cycles. While it may seem counterintuitive at first, the essence of this business is very similar to a SaaS / subscription based business, with predictable annuity like income streams at its core. Anyone looking at our KPIs would find us tracking familiar SaaS metrics such as LTV, ARR, NPS, Churn, etc. As we aspire to harness public markets to support the company's national expansion, we are also working hard to introduce this robust and forecastable asset class into the Indian investment landscape."
The global pandemic has entered its third year, and as people have begun to accept a changed way of life, the need for a growing self-storage industry is unquestionable. Self Storage India recognizes the changing socio-cultural trends and is cementing its position as the market leader, backed by the tailwinds of changing lifestyles and fuelled by increased investment. With a service offering that has demonstrated product market fit with its clients, it's only a matter of time before the company makes its mark on a national scale.
The new facility is set to open on 21st January 2022. As an opening limited time offer, the company is offering a 30% discount on all services at the new location.
About Self Storage India:
Founded in 2013 as a private limited company, Self Storage India was the first player to introduce the concept of self storage to Indian businesses and consumers. As of 2022, the company is the largest self storage focussed player in the Indian market serving consumers and small businesses. The organization is engaged in the process of acquiring, developing, owning, and operating dedicated self storage facilities across India. The company is led by a woman entrepreneur who built the business with internal capital and broke through glass ceiling barriers and lack of diversity in the Indian warehousing and logistics space. The company aims to close 2022 with an inventory of 2000 rooms in the Delhi, NCR area alone.
Media contact:
Mr. Archit Aggarwal
Tel: +91-9818661308
Email: media@selfstorageindia.com
