[Funding Alert] Co-Living Startup Zolostays Raises $56 Mn In Series C Round
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Bengaluru-based co-living startup Zolostays announced it has raised $56 million in series C round of funding led by Investcorp, Nexus Ventures Partners, among others. The total funding raised so far post this round for Zolo is $90 million.The fresh fund will be utilized in technology, locking in more inventory and strengthening artificial intelligence-driven operating platforms. The firm plans to sustain its growth trajectory to reach 1 million people in the next five years.
Speaking on the fundraise and Zolo’ mission, co-founder and chief executive officer, Nikhil Sikri, said, “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.”
Gaurav Sharma from Investcorp said, “We have always been excited about managed living as an asset class as it aligns to our thesis to capitalize on the megatrend of urban migration. Zolo has created a trusted and reputed brand with its continuous innovation in building products for hassle-free living, an obsession of quality and laser-sharp focus on customer experience. There is a strong conviction among the investors that the company has pioneered a unique model that is highly profitable and scalable. Zolo’s product offerings are at par with major tech-driven disruption in living globally as managed living is all set to be a massive consumer mega-trend in the next decade.”
Founded in 2015, by Nikhil Sikri, Akhil Sikri and Sneha Choudhry, Zolo Stays currently has over 485 properties across ten cities in the country.
The company intends to invest the new funds to continue aggressive growth across the country. The company has partnered with large developers to provide beautiful and exclusive co-living campuses to people near their workplace. Zolo has more than 5 million square feet worth of ‘built to suit’ discussions underway.
The co-living startup will also launch an uber-premium brand extension called Zolo Red Carpet. These micro-living spaces will provide an elite experience which will include wellness studios, all-day in-house cafes, workspaces, exquisite decor, and concierge services.