A shared living start-up CoLive has raised Rs 12 Crore ($1.8 million) in a recent round of funding led by Ncubate Capital Partners which is a Venture capital arm of SAR Group.
The company has decided to utilise the funds in expanding its services, strengthening the technology infrastructure and enhancing the talent pool according to the reports. It is hoping to increase its operating area to 25 cities and already provides services in 75 properties in Bangalore, with 3000 beds in its inventory.
CoLive, which is owned by CoLife Advisory Pvt. Ltd, is a Bangalore based startup that was founded in 2016. It provides branded and well serviced home near to educational institutions and prominent business areas and also supports the idea of shared rental living. The spaces provided by the company are fully equipped and range between Rs 5,000 and Rs 8,000 per person depending on the size of the apartment or house. It generates its income from fixed rentals and property management fee (PMF). The company boasts of the fact that it charges an all inclusive bill which includes rent, maintenance, electricity, Wi-Fi, gas, and cable TV.
The company also noticed its funding totalling to Rs 18 crore, after the recent round.
Suresh Rangarajan, founder and chief executive of CoLive said-
“The investment in CoLive is not only a definite validation of the company’s business model, but also an opportunity for us to grow further and help solve the urban-living conundrum in India by providing one million living spaces. With a strong pipeline of inventory, we are firmly on track to reach our 10,000 beds’ target in the next couple of quarters.”
The investor Ncubate Capital Partners deals in clean tech and automotive batteries. Its spokesperson Rakesh Malhotra, managing partner, Ncubate Capital Partners said in a statement,
“With more people renting than buying, CoLive has a massive potential across the market. Moreover, I firmly believe that the student-housing problem is one such challenge that can be solved through technology and the right amount of strategic planning.”
Colive has also introduced 360 degree virtual tours for immediate assistance. It lets you take a 3D walkthrough of the space you want to rent and book it online.
There are other start-ups that runs a similar business in other cities such as CoHo, Fella Homes, Zolostays, ZiffyHomes, smartlivein etc.