Technology-driven co-living startup Colive has raised $9.2 million (Rs 63 crore) in a Series A round from real estate developer Salarpuria Sattva Group. The Bengalurean-based company will use the funds to scale up its operations from 12,000 beds at present to 1 lakh (100,000) beds over the next two years. In addition, it will expand its presence to Hyderabad, Mumbai and Pune.
Suresh Rangarajan, Founder and CEO of Colive, said,
“Our mission is to make fully amenitised technology-enabled stylish living spaces easily accessible. Working professionals and young couples can upgrade their lifestyle and make living an experience with Colive and meet like-minded people in the community making it a total fun place to live.”
Bijay Agarwal, MD of Salarpuria Sattva Group, said, “We believe Coliving is going to be next big wave in India which will alter the real estate landscape in Tier I cities, specifically IT hubs.” He added that co-living is very useful for people moving from city, and helps create community living, along with safety and other additional services.
“We foresee ourselves in developing built-to-suit real estate which will specifically cater to co-living requirements and we also expect co-living will generate stable rental income over a period of time,” he said.
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