[Funding alert] Co-living startup HooLiv raises undisclosed amount from Kolte-Patil Family Office
New Delhi-based student co-living startup, HooLiv has raised an undisclosed amount from Kolte-Patil Family Office (KPFO). According to the startup, it will be using these funds to hire across functions as it looks to expand into newer cities in India.
Commenting on the investment, Chinmoy Mishra, Co-founder and CEO of HooLiv, said,
“We believe the fundamentals of starting and scaling a business in any field remains the same, and this is where we look to leverage on our past experience of having taken a venture from idea to execution to exit. Additionally, our strength in technology can play a crucial role in streamlining and optimising a lot of the processes involved in running and managing student accommodations. The capital raised will help us make key hires across verticals and set the base for our expansion into other cities across the country."
Speaking about the investment Rajesh Patil, Mentor of Kolte Patil family office, said,
“The strategic investment in HooLiv gives us a chance to not only collaborate with an experienced team but also step in with our understanding of the nuances of the real estate sector."
Founded in 2019 by serial entrepreneurs Chinmoy Mishra, Gaurav Vij and Abhishek Verma, HooLiv intents to provide students across the country with hassle-free affordable housing options.
HooLiv is already live with over 300 beds across key locations such as Meerut, Bhubaneswar, and Pune. Over the next 12 to 18 months, the company plans to expand its footprint by entering Tier-II and III markets.
In the past, KPFO has invested in various startups across education, organic food, co-working, and interior design.
The student living segment is getting quite the attention. In fact, in September 2019, hospitality unicorn OYO LIFE also announced its expansion into it.
Traditionally catering to first jobbers and professionals,LIFE had said that it tieing up with marquee institutes like IIT Delhi and Plaksha University’s Fellowship Programme in Gurugram, and will be managing over 500 beds for the student community through these partnerships.
Other startups working in the student accommodation space include Stanza Living and OxfordCaps.
(Edited by Saheli Sen Gupta)