Bengaluru-based coliving Startup ZoloStays has raised $56 Mn in Series C funding round led by Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital and others. So far, the company has raised $90 Mn across several rounds.
The company is looking to deploy this capital to invest in technology, locking in more inventory and strengthening AI-driven operating platforms. Besides this, ZoloStays also intends to invest the new funds to continue its expansion across the country. Currently, it has over 500 properties across 10 cities, while it is looking to start another 500 to absorb the future demand.
The company is also partnering with developers in conceptualising ‘built to suit’ coliving spaces and coliving campuses to those who are near their workplace. It claims that discussions for more than 5 Mn sq ft worth of ‘built-to-suit’ properties are underway.
Founder and CEO Nikhil Sikri said, “We are creating a personalised living experience keeping the customer at the core. It allows them to personalise the way they live and work, all on their terms. We partner with them as they rewrite their own story and re-imagine life.”
Founded in 2015 by Nikhil Sikri and Akhil Sikri, ZoloStays offers fully managed coliving spaces for students and professionals. The company’s residential accommodations come with food facilities, furnished rooms, housekeeping, internet facilities and more. In addition to this, ZoloStays also works with realty developers such as Godrej Properties, Sobha Developers, Ozone Group, Shapoorji Pallonji Real Estate, DRA, Olympia Group and more.
According to the Economic Survey of 2017, the total inter-state migration has hiked by 191% between 2001-2011, as compared to the last decade (1991-2001). Besides ZoloStays, other startups working in this sector include Nestaway, Zolo, and Coho. In addition, big players in the hospitality segment, such as OYO and Lemon Tree, have also made an entry into the coliving market.
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