India: Akhil Sikri, the co-founder of coliving platform Zolostays is stepping down to start a new entrepreneurial venture.
Sikri was present at a recent meeting with the Zolo board, top management, and investors to discuss Initial Public Offering (IPO) plans, but has left to pursue an as yet unannounced new venture, but will stay on as a non-executive director.
Zolostays had been preparing for his replacement for 18 months before his departure. Sikri started as the CTO of the company and later transitioned to lead the HR and digital marketing teams. In his new role as a non-executive director, he will continue to provide advisory input to Zolostays and its board.
Meanwhile, Nikhil Sikri, Akhil’s brother and the company’s CEO, will continue to head the Bengaluru-based coliving company.
“Having your own brother by your side obviously makes it different because there was no question of running away when things got hard during COVID-19,” said Nikhil.
Zolostays cannot currently own properties owing to FDI rules that bar properties purchased with international capital from being sold within three years of purchase. Instead, its asset management arm builds or commissions properties suitable for a coliving arrangement, sells them to retail investors, and leases them back.
Nikhil Sakri said he aims to bring changes to this structure, which will let Zolostays take complete ownership of the properties it wants to own. He also plans to take its student housing and hotel business to Dubai, Indonesia, and Thailand by March 2024.
“The businesses we are planning to take global are businesses where we don’t take underwriting risk,” he said, adding, “We understand tech, we understand processes, we understand positioning, we understand brand, we understand style, we understand organisation building, we understand the game.”
Zolostays recently signed a deal with Manipal Group to manage accommodation for 20,000 students studying at Manipal Academy Higher Education (MAHE) campuses in Bengaluru, Mangaluru, and Manipal.
