Zolo, a co-living space aggregator based out of Mumbai, has recently ended a Series B funding round with Rs 208 crore (US$30 million). The round was lef by IDFC Alternatives, a private equity firm, along with Mirae Asset based out of South Korea, and other existing investor, Nexus Venture Partners.
Zolo will primarily use the funds to accelerate its aggressive expansion drive and to invest in the student accommodation segment, the company said in a statement. The startup will also use the fresh capital to bolster its technology division.
Owned and operated by Zolo Stays Property Solutions Pvt. Ltd, the startup offers fully managed, ready-to-move affordable rooms and apartments to young working professionals and students. Users can make a booking either via its mobile app or website.
Zolo was founded in September 2015 by Nikhil Sikri, an alumnus of the All India Institute of Medical Sciences and Indian School of Business, and Akhil Sikri, a computer science graduate from IIT Delhi.
“Co-living spaces offer immense potential as a market in India, something that we at Zolo identified and tapped into, early, with Zolo being the first full-stack player to enter this business in 2016,” Sikri said.
Sikri claimed Zolo is the largest co-living player in the country. "With this fresh round of funding, we plan to continue our lead as the biggest co-living brand and keep raising the bar for customer service," he added.
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