The co-living space with a market size of $6.6 billion usually works on a lock-in period system. “We are not a hotel where people come for a few weeks to stay and leave,” said an industry player.
Last month, Sai Ashok Madugula was handed the pink slip by a start-up in Hyderabad, citing a financial crunch because of the pandemic. The biggest worry for him was paying the rent from his savings.
Madugula had been staying at Zolo Twins, a co-living property owned by Zolostays, for over six months. To his surprise, he got an email from Nikhil Sikri, co-founder and CEO of Zolostays, stating that his monthly rent of Rs 8,500 had been waived for July and August.
“We don’t want to go bankrupt but help as much as we can. It should be in the bearable zone,” said Sikri, a doctor turned entrepreneur who started his co-living venture Zolostays in 2015.
First Published: Jul 03 2020 | 02:07 AM IST