Shared-living space provider CoLive has raised Rs 12 crores in its latest funding round led by Ncubate Capital Partners, a private investment arm of SAR Group Family Office.
The technology-driven platform for rentable branded and serviced homes will deploy the proceeds towards expanding its footprint across the country, said the company in a press statement.
Apart from co-living service, the company also operates CoLive247, an office rental platform that rents trendy spaces to working professionals that includes corporates, new-age startups looking for offices and flexible co-working spaces.
Founded in 2016 by Suresh Rangarajan, the Bengaluru-based CoLive offers branded and serviced homes that are conveniently located near educational institutions and major business hubs.
It currently operates 75 properties in Bengaluru with 3,000 beds as part of its inventory. The properties are strategically located in and around areas infested with fresh working class.
On the lines of NestAway and many others, CoLive provides amenities including housekeeping, electricity, WiFi and security.
The firm has recently launched its service in Vellore and Coimbatore and planning to expand into Trichy, Thanjavur, Madurai, and Amaravati in the next three months. It aims to reach our 10,000 beds target in the next couple of quarter.
CoLive had earlier raised $1 million in seed funding from an unnamed family office in September 2016.
Real estate major JLL had outlined that about 34 million students enroll in higher education, of which nearly 26.6 million students migrate from home cities. Cities with facilities of higher education can provide accommodation to just 18 to 20 percent of the aforementioned 76 percent students.
A slew of accommodation aggregators including deep-pocketed Nestaway, Placio, Zocalo, Homers, Homigo, Campus Ville and a few others are eyeing to grab slice of a common marketshare.
Similarly, the co-working space is also crowded with several players targeting to cater to the same audience. WeWork, Innov8 are the major players followed by 91springboard, BHIVE, Stirring Minds and several others.