Co-living and home rental startup ZoloStays has raised $30 million in its Series B round led by existing investors Nexus Venture Partners and IDFC Alternatives. The funding round which pushed the valuation of the Bengaluru-based startup over $100 million also participated by Mirae Asset.
The four-year-old startup will deploy the fresh proceeds towards expanding its presence across the metro cities. Currently its operational in six cities including Bengaluru, Hyderabad, Pune, Chennai, and Kota.
Founded by Nikhil Sikri Sneha Choudhry and Akhil Sikri, ZoloStays claims to have 16,000 live beds and 50,000 locked-in beds under its two product offering—Zolo Standard and Zolo Select.
Apart from expansion, the startup will focus on automation and Internet of Things (IoT) for smart electricity and water billing in its properties besides building a stronger community through its online and offline initiatives.
In early 2017, Nexus VP had led Rs 26 crore round Series A funding round in ZoloStays that includes a venture debt component of Rs 4.5 crore from InnoVen Capital.
ZoloStays claims to record twelve-fold growth since last funding round and aims to clock 10 times growth in the next two years.
On the revenue front, the startup registered Rs 27 crore as total income for FY18 while its losses stood at Rs 4 crore. By FY19, the startup plans to clock Rs 100 crore in revenue.
The development comes at a time when co-living and home rental space is booming in India. While several startups in this space such as NestAway, StayAbode, Stanza Living got funded in the last year, SoftBank-backed Oyo also entered the market with a bigger investment plan.
Seeing the growing opportunity, Warburg Pincus also forayed into co-living space for students and working professionals. With Rs 3,000 crore investment plan, the private equity firm is setting up a joint venture with mid-priced hotel chain Lemon Tree Hotels.