Technology-driven co-living startup Colive has raised $9.2 million (Rs 63 crore) in a Series A round from real estate developer Salarpuria Sattva Group. The Bengaluru-based company will use the funds to scale up its operations from 12,000 beds at present to 1 lakh beds over the next two years. In addition, it will expand its presence to Hyderabad, Mumbai and Pune.
Suresh Rangarajan, Founder and CEO of Colive, said,
“Our mission is to make fully amenitised technology-enabled stylish living spaces easily accessible. Working professionals and young couples can upgrade their lifestyle and make living an experience with Colive and meet like-minded people in the community making it a total fun place to live.”
Bijay Agarwal, MD of Salarpuria Sattva Group, said, “We believe Coliving is going to be next big wave in India which will alter the real estate landscape in Tier I cities, specifically IT hubs.” He added that co-living is very useful for people moving from city, and helps create community living, along with safety and other additional services.
“We foresee ourselves in developing built-to-suit real estate which will specifically cater to co-living requirements and we also expect co-living will generate stable rental income over a period of time,” he said.
Colive will also use the funds to build a full-stack, tech-driven platform. Founded in 2016, Colive India had earlier raised Rs 17 crore in pre-Series A funding.
According to rental platform PropTiger, the co-living market in India is estimated at $93 billion over the next ten years, as against the current market size of $200 million. The supply by organised players in the co-living space at present is limited to around one lakh beds.
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