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Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period.
Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC).
Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23.
Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24.
On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23.
See TheKredible for the detailed operating cost.
Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23.
Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances.
Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.