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Aug, 22 2019

Co-living startup Zolostays in advanced talks to raise up to $100 mn to expand its business

Zolostays is planning to launch fully-managed houses targeted at families and individual groups in the next three to four quarters.

Zolostays Property Solutions Pvt Ltd, a co-living startup, is in advanced discussions with new investors to raise up to $100 million for its Series C round through a mix of equity and debt options.

Dr Nikhil Sikri, Chief Executive of Zolostays, said, “We are looking to close a $100 million round, which will be used to fund the expansion of our workforce team as we have launched in new cities this year, and to help increase inventory size and upscale furnishing options across our current inventory as well.”

In January, the Nexus Venture Partners-backed company had raised $30 million in its Series B round from investors including IDFC Alternatives, Mirae Asset, and Nexus Venture Partners.

At present, Zolostays is offering both shared and private rooms for rent on its platform. The startup works with both property developers and owners on a revenue-sharing model and leased model.

Besides a fully managed room, Zolostays also offers amenities such as WiFi, housekeeping, repairs & maintenance, food service, and DTH connections at its properties and included in the monthly rent.

“We have two formats of housing options on our platform; one is the Zolo Select option which offers high-end luxury apartments on shared rentals as well as Zolo standard which is basically 4-5-floor tower, along with a community lounge. Around 30% of our new closures come in through referrals from current property owners, rest 70% is outbound closures,” Sikri added.

Zolostays is planning to launch fully-managed houses targeted at families and individual groups in the next three to four quarters.

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