Zolostays Raises Series B Funding of $30 Mn Led by IDFC Alternatives

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Zolostays raises $30 Mn

ZoloStays property solutions, a co-living home rental startup, has secured $30 Million in a Series B funding round, which is led by existing investor Nexus Venture Partners.

Other investors that participated in the round are Mirae Asset and IDFC Alternatives. With the latest funding, the company’s valuation is estimated to be pushed up by more than $100 Million.

The Bangalore-based startup, with its online platform, serves as a marketplace for property solutions like service apartments, independent flats, and paying guest accommodation.

Founded by Sneha Chaudhary, Akhil Sikri, and Sikri, the four-year-old co-living startup also secured $5 Million in a funding round of Series A in 2017.

With the latest funding, the startup is planning to expand its geographical presence across the metro cities, as revealed by Nikhil Sikri, the CEO, and Co-founder of ZoloStays.

ZoloStays, as of now, is operating in Chennai, Pune, Kota, Bangalore, and Hyderabad. But, it has already tied up with several building owners and large developers for expanding its geographical presence.

The startup has claimed that under its two main offerings, Zolo Select and Zolo Standard, it has more than 16,000 live beds and 50,000 locked-in beds.

Zolo is now planning to concentrate more on automation. It is also planning to leverage IOT (Internet of Things) for smart electricity and water billing in its properties. Sikri, one of the co-founder said, “We also look to build a stronger community through our online and offline initiatives through gamification. The customization is another key area where we now want to focus.”

Picture Credits: Zolo

Source: Techstory

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