Bengaluru, 5 December 2019: Zolostays, the largest co-living brand and category leader in India, today announced that it has raised $7 million from Trifecta Capital – India’s largest venture debt provider. Zolostays has raised a significant amount of funding from Nexus Ventures Partners, Mirae Assets and Investcorp. In the last one year, Zolostays has grown 300% and has served over 50,000 happy customers across 10 cities in India. With 3x growth every year, the Company aims to add 1 million beds by 2025 and expand to 5 more cities to continue their accelerated growth path. The company is in advanced talks to raise its Series C round of funding.
Commenting on the agreement, Nikhil Sikri, CEO & Co-Founder said, “We are thrilled to have Trifecta on board in our quest to make Zolo the largest and most trusted co-living brand in the country. We will utilize these funds to further our investments in capex, product innovation and expand to newer cities in the new year aggressively. Building an organization to be the ‘ Amazon of co-living’ takes commitment and our investment program presents a playbook which supports this vision. Trifecta is a knowledgeable and well networked investor and we are keen to exploit their relationships to accelerate growth”.
Commenting on the announcement, Nilesh Kothari, Co-Founder and Managing Partner, Trifecta said, “Zolo has showcased a strong record of revenue growth year on year with strong customer satisfaction and word of mouth referrals. At the same time, they have maintained a strong focus on unit economics and are likely to achieve profitability in the next 18 months. We strongly believe that Zolo’s credible brand, wide network and deep expertise in the operative know-how of co-living will clearly allow them to build a large business that will improve the quality of living for millions of mobile professionals and students across the country.
Zolostays has showcased strong momentum, with improving unit economics and is positioned well to harness the benefits of scale and large customer base. The underlying technologies on which Zolo community is built allows the company to tailor the experience to the needs of individual residents. With urbanization, young people’s desire for community as well as opportunity to live and work in different cities are boosting demand for communal residential space. Zolostays currently operates 415+ properties across 10 cities viz. Bangalore, Chennai, Kota, Delhi NCR, Mumbai, Coimbatore, Pune, Gurugram, Noida and Hyderabad via two kinds of models – Zolo Standard and Zolo Select. Zolostays has 45,000 live beds and will reach 1 million beds by 2025 which makes them the largest co-living player in the country.
Submitted by PR Agency
