StayAbode (or Abode for short), a startup that is building co-living spaces, has raised angel funding for an undisclosed amount from a consortium of investors led by Ishan Manaktala and Angie Mahtaney. Gaurav Bhalotia (ex-VP Engineering of Flipkart), Vishal Lulla (CEO of Vishal Exports) and a group of investors from LetsVenture also participated in the round. Abode currently offers over 180 beds spread over 4 properties across Bengaluru and has plans to expand to other cities in due course.
Abode is leveraging technology, design, service and brand to build co-living spaces for the rental residential real estate market at scale. Abode’s co-living spaces mixes small private spaces – containing more than a bed and cupboards with communal areas - kitchens, common rooms, games areas, music and art corners.
With the increasing value of real estate, property owners get a much lower yield on the investment. Abode claims to use real estate efficiently giving them up to 100 percent higher yield on their properties. Abode has a healthy pipeline of real estate owners who are signing up their properties with them. Abode helps increase rental yields from the current 3-4 percent to 10-11 percent for property owners.
Abode is cofounded by Viral Chhajer, Varun Bhalla and Devashish Dalmiya who have expertise in marketing, technology and finance having previously founded and worked at startups like Runnr, Treebo Hotels and Roadhouse Hostels.
Viral Chhajer, cofounder, Abode, says, “At Abode we're building the future of residential real estate for the urban millennials. The sharing economy is transforming industries and the way we now look at utilising resources. Our co-living spaces maximize space utilization that allows members of our community to live in a world class facility at a price they would pay for a sub-standard accommodation facility in the city.”
Gaurav Bhalotia, angel investor, adds, “As more people move to cities for work and study, finding and maintaining quality accommodation continues to be a big challenge. Abode is using technology to create living spaces that support the new lifestyle of the young, single-demographic household, enabling a high level of comfort, convenience and community all at ‘tap of the mobile screen’. Happy to partner with Viral and team to bring urban living into the digital age.”