Co-living platform ZoloStays is in advanced talks with new as well as existing investors to rake up nearly $100 Mn as part of its series C round. The funding round is likely to be a mix of equity as well as debt options, according to people privy with the matter.
Dr Nikhil Sikri, CEO of ZoloStays, told Livemint that the funding will be used to ramp up its workforce, increase inventory size and improve furnishing options across the current inventory.
If these funding talks do lead to fruition then it will be ZoloStay’s second fundraising round this year. The startup had raised $30 Mn in series B round in January from the likes of IDFC Alternatives, Mirae Asset, and Nexus Venture Partners. Other investors like Olympia Developers and Patni Computers Family Office also contributed funds in the round.
ZoloStays offers affordable and non-expensive co-living housing solutions to students and working professionals who have moved out of their home towns for pursing higher education and job purposes.
Today ZoloStays claims to be India’s largest co-living platform, boasting nearly 400 properties across 10 cities including Mumbai, Delhi, Bengaluru, Kolkata, Noida, Coimbatore and more. It now plans to launch services in new cities like Indore, Nagpur and Nasik by the end of next year.
The startup also claims that its co-living services have helped in creating more than 50,000 customers. Apart from co-living, ZoloStays offers stand-alone private rooms for rent on its platform as well.
Industry experts feel that co-living industry has a pretty bright future as the massive migration of young population to urban and semi-urban cities is expected to continue in the coming years. But ZoloStays is certainly not the only one that is trying its luck in this potentially lucrative industry. It competes with well-funded startups like Oyo Rooms and Tiger Global backed Nestaway.