Co-living Space Provider CoLive Raises Rs 12 Cr from SAR Family Office & Others
This will help channel capital infusion towards expanding presence in 25 cities and enhancing the platform’s technology infrastructure
CoLive, a technology-driven platform for rentable branded and serviced homes, has raised a sum of INR 12 crores in its latest funding round. The funding round was led by the private investment arm of SAR Group Family Office (“Ncubate Capital Partners”), a brainchild of Mr. Rakesh Malhotra, Founder & Mentor, SAR Group. With this round of funding, the Company has raised Rs.18 crs in total to pursue their asset-light business model. CoLive will utilise the funding towards expanding its presence and to realise its goal of offering 1 million managed homes, in 25 cities across various regions of India. In addition to this, the company will also use the capital infusion to ramp up its technology infrastructure and enhance its talent pool.
Commenting on the announcement, Mr. Suresh Rangarajan, Founder and CEO – CoLive said, “CoLive is committed to making affordable rented living spaces in urban areas easily accessible to students, young professionals, and young couples, who can thereby enjoy better living conditions without having to face discrimination from landlords. SAR Family Office’s 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 1 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 quarter .”
Ncubate Capital Partners, private investment arm of SAR Group family office seeks to provide a combination of growth capital, skill-gap fulfilment and knowledge to growing start-ups. It not only provides funds to the entrepreneurs but also gives them the much-required operational excellence to set-up and run their businesses. The enterprise comprises of professionals who have a track record of not only creating successful businesses, but also building distinct brand equity and brand identity.
Mr. Rakesh Malhotra, Managing Partner – Ncubate Capital Partners, commented, “Ncubate Capital Partners facilitates investments in early stage ventures – a category that has few PE players to fund them. With this investment, I am looking forward to the exponential growth that CoLive is poised to achieve in the next few years. With more people renting than buying, CoLive has a massive potential across the market. Moreover, I firmly believe that student housing problem is one such challenge that can be solved through technology and the right amount of strategic planning. I wish that the initiative taken by CoLive of offering consumers a meticulously developed product proves to be a huge success and will make the renting economy a whole lot more favourable to young, migrant Indians.”
Suresh added, “According to property consulting firm JLL, there is an acute shortage of properties in the student housing market – approximately more than 6 million beds. This shortage is likely to reach 10 million in the next three years due to increased migration of students for higher education and professionals for employment. This is the market that we are targeting, and hope to accomplish our ‘Mission Million’, i.e., servicing a million homes across 25 cities over the next decade. To reach this goal, CoLive has begun its first phase of expansion by venturing into cities like Vellore and Coimbatore. It aims to reach other locations including Trichy, Thanjavur, Madurai and Amaravathi in the next quarter.”
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