Bengaluru-based co-living home rental and property startup Zolostays have raised ₹210 crores ($30 million) in a series B round of funding from existing investor Nexus Venture Partners and new investors Mirae Asset and IDFC Alternatives. The company’s valuation has soared up to more than ₹700 crores ($100 million).
Zolostays provide an online platform and serve as a marketplace for property solutions like independent flats, serviced apartments and PG accommodation to list and earn through the platform. The startup was founded by Akhil Sikri, Isha Choudhry, Nikhil Sikri and Sneha Choudhry in 2015, the startup raised ₹35 crores ($5 million) in series A round in 2017.
The startup plans to use the freshly raised capital to expand its geographical presence to multiple metro cities. Zolostays currently operates in Kota, Bengaluru, Hyderabad, Pune and Chennai. It has tied up with several property owners and developers who will help the startup expand its operations in the upcoming months.
The startup offers two solutions, Zolo Standard and Zolo Select and has already locked in more than 16,000 beds. Zolostays is planning to focus on automation and leverage the Internet of Things for smart electricity and water billing on its properties. The startup will focus on building a stronger community through their online and offline initiatives of gamification.