Bengaluru-based co-living startup Colive has raised ₹63 crores ($9.2 million) in series A funding round from real estate company Salrpuria Sattva Group. The startup plans to use the freshly raised capital to expand its presence in multiple cities including Pune, Hyderabad and Mumbai.
Founded by Suresh Rangarajan in 2016, Colive is a tech-powered rental accommodation provider of ready-to-move homes. The startup provides branded and serviced shared living spaces to single professionals as well as young couples.
The startup will also add more than 1 lakh beds over the next two years and invest in a build-to-suit model inventory for developing its own co-living services.
“We now have more firepower to turn Colive into an entirely full-stack, tech-driven platform. Moreover, we plan to invest in the build to suit model inventory for co-living purposes,” said Suresh Rangarajan.
Earlier in February this year, the startup raised ₹12 crores ($1.8 million) from Ncubate Capital Partners. Prior to that in September 2016, Colive raised ₹7 crores ($1 million) from an undisclosed family office.
Recently, OYO has also forayed into the co-living segment by launching its own housing rental service called OYO Living. You can read the story here.
As many of the millennials move to cities for work and higher cities, the demand for shared spaces is rising. Startups like StayABode, Stanza Living and Zocalo are tapping into the ever-growing co-living segment. According to a report by RedSeer, India’s tech-enabled co-living market will touch ₹14,000 crores ($2 billion) by 2022.