Zolostays Property Solutions Pvt. Ltd, a co-living startup with backing from Nexus Venture Partners, is in the final planning stage with new investors to gear up to raise $100 million in a Series C funding round through a mix of equity and debt options, says a company executive.
“We are looking to close a $100 million round, which will be used to fund the expansion of our workforce team as we have launched in new cities this year, and to help increase inventory size and upscale furnishing options across our current inventory as well," said Dr Nikhil Sikri, Chief Executive of Zolostays in an interview.
Zolostays had last raised $30 million in its Series B round in January from investors including IDFC Alternatives, Mirae Asset, and Nexus Venture Partners. Other investors in the company include Alec Oxenford, Founder of OLX, and Chennai-based Olympia Developers and Patni Computers Family Office.
The four-year-old startup is looking to make housing affordable for students, working professionals, and freshers who move away from their hometown in search of jobs. Since 2015, the company has added around 30,000 beds, and another 60,000 contracted beds that will be added to the platform in the coming months, according to Sikri.
Currently, Zolostays offers both shared and private rooms for rent on its platform. It works with both property developers and owners on a revenue-sharing model and leased model. Sikri said the demand for “private room portfolio has been increasing, primarily because people have become more comfortable with the co-living concept".
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