Zolostays (Zolo), a co-living, Bengaluru based start-up has announced on 7th July, 2020 that it has procured USD 56 million, series C financing. The round was led by Mirae Assets, Investcrop, Trifecta Capital, Nexus Ventures Partners, among others.
Zolostays management intends to deploy the new capital in strengthening AI driven operating platform, upgrade technology to smoothen the functions and locking in more inventory.
The start-up has previously bagged more than USD 40 million from Mirae Asset, Patni Computers Family, Alec Oxenford who is the founder of OLX, IDFC Alternatives, Olympia Developers and Nexus Ventures Partners. The total capital secured by Zolo at present stands at USD 90 million.
Speaking on the funding, Sameer Brij Verma from Nexus said, “We have backed the company in each round since its inception. Zolo is now benefiting from the supply side disruptions as other unorganized operators are not able to sustain service levels in the tough environment. With scale, Zolo’s value proposition to both the customer and the asset owner would substantially increase due to the network effect, thus allowing Zolo to win a disproportionate share of the $20 billion managed living services market.”
About the company
Zolostays was founded in the year 2015 by three co-founders- Sneha Choudhry, Nikhil Sikri and Akhil Sikri. The company serves digitized living concepts for the target section of society with differentiated needs.
The start-up claims that more than 40,000 people can reside in Zolo properties at present and they have catered to approx. 125000 people in the last 5 years since its incorporation. The management of the company is now planning to sustain that trajectory to reach 1 million people in the next 5 years.
CEO and Co-founder of Zolostays, Nikhil Sikri, commented, “We are creating a personalized living experience keeping the customer at the core. It allows them to personalize the way they live and work, all on their terms. We partner with them as they rewrite their own story and re-imagine life. Our unique approach allows us to enjoy the highest Net Promoter Score (NPS) – a benchmark indicator of customer satisfaction in the industry.”
Zolo’s residents are mostly students and young professionals who moves to new city for study and work related purpose respectively. Today, there are around 500 Zolo residents spread across 20 cities and another 500 Zolos will start operations to absorb future demand. The start-up plans to invest capital to continue aggressive growth across country.
The start-up has also partnered with real estate developers to provide exclusive co-living campuses called Built to Suit for people living near their workplaces. Zolo’s team says that it has more than five million square feet worth of ‘built to suit’ discussions underway.
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