Co-living ZoloStays raises 30 million dollar funding led by Nexus Venture Partners

1. Bangalore based ZoloStays a co-living and home rental startup which was started by Nikhil Sikri, Akhil Sikri, and Sneha Choudhry in 2015 keeping in mind to students and bachelors find accommodation along with meal options.
2. They have recently secured 30 Million dollars in a Series B funding round led by existing investor Nexus Venture Partners, along with participation from IDFC Alternatives and Mirae Asset.
3. According to the report — co-living ZoloStays startup will use the money to expand its footprint across the metro cities. ZoloStays, which currently operates in Bengaluru, Hyderabad, Pune, Chennai, and Kota.
4. The startup claims to have 16,000 live beds and 50,000 locked-in beds under its two offerings — Zolo Standard and Zolo Select. In a statement, the company claimed that they are the greatest co-living player in India.

Now the co-living startup ZoloStays want to focus on automation and IoT (Internet of Things) for proper electricity and water billing in its places. The founder of the startup Mr Sikri said “We are looking forward to building a powerful community through our online and offline actions. Customization is our next key area where we want to focus or grow”.

In 2017 the four-year-old startup had raised 5 million dollars in a Series A round, and with that funds, they have grown twelve-fold. Now they are planning to expand its present employee’s force of 350 people by hiring another 200 to 300 by the end of 2019.

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ZoloStays revenue from services stood at Rs 27 crore for FY18 while they faced a loss of Rs 4 crore. The startup is planning to measure Rs 100 crore in revenue for the next financial year.

ZoloStays is competing with the established startups like — Coho Dorms, NestAway, Stanza Living, Campus Ville, and YourSpace. NestAway raised Rs 330 crore last year and OYO (a few months ago entered in this business) has raised funding of 800 million dollars from SoftBank Vision Fund.

The Indian residential rental market is growing day-to-day. According to the industry estimates $18 billion to $20 billion money spent on India’s residential rental market.