Co-living start-up raises Rs. 12 crore in latest funding round
What's the story
A technology-driven platform named CoLive that offers rentable branded and serviced homes have raised Rs. 12 crore in its latest funding round.
It was led by the private investment arm of SAR Group Family Office ('Ncubate Capital Partners'), a brainchild of Rakesh Malhotra, Founder and Mentor, SAR Group.
With this round, the company has raised Rs. 18 crore to pursue their asset-light business model.
Company goals
Funding to be used towards expanding its presence
The Bengaluru-based company said it would use the funding towards expanding its presence and to realize its goal of offering one million managed homes, in 25 cities across various regions of India.
In addition to this, the company would also use the capital infusion to ramp up its technology infrastructure and enhance its talent pool.
Details
CoLive currently operates 75 properties in Bengaluru with 3,000 beds
Founder and CEO of CoLive, Suresh Rangarajan, said with a strong pipeline of inventory, the company was firmly on track to reach its 10,000 beds target in the next couple of quarters.
CoLive offers branded and serviced homes that are conveniently located near educational institutions and major business hubs.
CoLive currently operates 75 properties in Bengaluru with 3,000 beds as part of its inventory.