CoHo plans to raise up to Rs 100 cr; targets 1 lakh beds in 3 yrs

Co-living startup CoHo is in talks with strategic investors and financial institutions to raise Rs 70-100 crore to expand its presence in the country, and reach one lakh beds over the next three years, its founder and CEO Uday Lakkar said.

The company, which started its operations in 2015, currently has about 3,500 beds mainly in Delhi-NCR and Bengaluru, and another 10,000 beds would be launched soon.

"We are actively looking to raise capitals from strategic players and pure-play financial institutions for funding our expansion plan. We are targeting to reach one lakh beds over the next three years," Lakkar told PTI.

He said the company would set up co-living facilities in four metros - Bengaluru, Chennai, Hyderabad, Pune - and other major urban cities.

"Rapid growth will be driven by a combination of leasing and franchising models," Lakkar said, adding that the company was already in talks with real estate developers who are keen to enter this growing co-living space.

Asked about how much fund it would raise, he said: "We are looking to raise Rs 70-100 crore."
According to a report by PropTiger, co-living business has the potential to become a USD 93-billion market annually on rising demand for rental housing from students and professionals. The co-living sector has total untapped demand of about 46.3 million beds; out of which, 8.9 million is from student housing, it added