Zolostays, a Bengaluru-based co-living startup, announced that it has raised $56 million Series C funding led by Investcorp, Nexus Venture Partners, Mirae Assets, and Trifecta Capital, among others.
Founded in 2015 by Nikhil Sikri, Akhil Sikri, and Sneha Choudhry, Zolostays earlier raised more than $40 million from the likes of IDFC Alternatives; Mirae Asset; Nexus Venture Partners; Alec Oxenford, founder of OLX; Olympia Developers; and Patni Computers Family Office. The total funding raised by Zolo at present stands at $90 million.
The company said it will use the current financing to strengthen its technology, locking in more inventory, and strengthening AI-driven operating platforms.
Commenting on the fundraise, Nikhil Sikri, Co-founder and CEO, said, “We are creating a personalised living experience keeping the customer at the core. It allows them to personalise 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.”
Sameer Brij Verma from Nexus Venture Partners, said, “We have backed the company in each round since inception. Zolo is now benefitting from the supply side disruptions as other unorganised 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.”
Zolo offers digitalised living concepts for target groups with differentiated needs. The company claims that more than 40,000 people can reside in Zolo properties at present, and that it has catered to about 125,000 people in the past five years. The company now plans to sustain that trajectory to reach one million people in the next five years.
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