Bengaluru-headquartered co-living startup StayAbode has raised an undisclosed amount of funding from Incubate Fund and a consortium of investors from the real estate industry, including Sanjay Shenoy, MD of Legacy Global Projects and Mridul Upreti, former Joint MD of JLL India.
Existing investors, including Gaurav Bhalotia, former VP of engineering at Flipkart; Vishal Lulla, Vishal Exports CEO; and a group of Investors from LetsVenture also became the part of funding round, reports ET.
Founded by Viral Chhajer, Devashish Dalmiya and Varun Bhalla in May 2016, StayAbode maximises space utilisation that allows members to live in a world-class facility at a price, that a customer would pay for a sub-standard accommodation facility in any city.
“Incubate Fund, with their vast presence and strong network across South East Asia, will bring on board a more global perspective to the co-living phenomenon, while Sanjay Shenoy and Mridul Upreti, with their deep understanding of the real estate space, will play a key role in the supply front of things for us,” said Viral Chhajer, CEO of StayAbode.
Stayabode is leveraging technology, design, service and brand to build co-living spaces for the rental residential real estate market at scale. It works on a full-inventory model leasing habitable spaces for a 5-10 year period. Stayabode’s co-living spaces mixes small private spaces – containing more than a bed and cupboards with communal areas – kitchens, common rooms, games areas, music and art corners.
The company charges between Rs 12,500 per bed and Rs 35,000 for a one-BHK apartment. With an average rental value of over Rs 14,000 and functioning at a 98 per cent occupancy level, the company claims a monthly growth rate of 30% since February and is targeting to increase its bed count to 1,200 by FY18 end.
Earlier, StayAbode had raised an undisclosed amount in an angel round in February, and it competes with the likes of NestAway, CoHo Stayz and Fella Homes, CoLive247, WudStay, including others.