India: Bengaluru-based coliving startup Zolostays has raised US$56 million in Series C funding round led by Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital and others.
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 developers such as Godrej Properties, Sobha Developers, Ozone Group, Shapoorji Pallonji Real Estate, DRA, Olympia Group and more.
The company has now raised $90 million across several rounds. It is looking to deploy the new capital “to invest in technology, locking in more inventory and strengthening AI-driven operating platforms” as well as continuing its expansion across India.
Currently, it has more than 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 for bespoke coliving spaces and coliving campuses for those who are near their workplace. It claims that discussions for more than five million square feet 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 reimagine life.”
