Co-living start-up Zolostays has raised $56 million in funds from a clutch of investors including Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital among others. With the latest funding round, Zolo has raised a total of $90 million.
The start-up will deploy the new funds to invest in technology, locking in more inventory and strengthening AI-driven operating platforms.
“We are creating a personalised living experience keeping the customer at the core. It allows them to personalise the way they live and work, all on their terms. We partner with them as they rewrite their own story and re-imagine life,” said Nikhil Sikri, CEO and cofounder, Zolostays.
The company intends to invest the new funds to continue its expansion across the country. At present, it has over 500 properties spread across 10 cities and another 500 Zolos are planned to start operations to absorb future demand. It is also partnering with developers in conceptualising ‘built to suit’ co-living spaces to provide exclusive co-living campuses for people near their workplace. Zolo has more than 5 million square feet worth of ‘built-to-suit’ discussions underway.
“Zolo is now benefiting from the supply side disruptions as other unorganized operators are not able to sustain service levels in the tough environment. With scale, Zolo’s value proposition to both the customer and the asset owner would substantially increase due to the network effect - thus allowing Zolo to win a disproportionate share of the $20Bn managed living services market,” said Sameer Brij Verma from Nexus Venture Partners.