Bengaluru-based co-living solutions provider, Zolo has announced its entry into the Hyderabad market. The real-tech startup already has a strong presence in Bangalore, Chennai, Pune, Gurgaon and Kota. With this Hyderabad foray, the company now manages 100 properties with 10,000 beds across 6 operational cities.
The company has opened 1 new facility in Hyderabad with a capacity of 40 beds and has locked-in 500 beds to cater to the growing demand for quality and affordable accommodation.
Nikhil Sikri, Co-Founder & CEO of Zolo, commented, “Hyderabad has always been an integral part of our expansion plans. We believe it is a largely untapped market and we see a lot of growth potential there. The city welcomes thousands of students and young professionals from different cities every year. Zolo plans to cater to their need of wanting to live in a comfortable place they can call home.”
Started in 2015, Zolo provides fully managed and affordable living solutions through ready-to-move-in rented rooms/beds that offer convenient amenities via an integrated app-based technology platform. It is a platform + operator model and owns the entire customer experience. The company charges anywhere between INR 6,000 - 35,000 per bed, per month, depending on the location and the services selected.
Zolo which competes with the likes of CoHo, Homigo, Stanza and StayAbode, etc., raised $5 million from Nexus Venture Partners in its Series A round in December 2016. It is also planning to raise its Series B round this financial year. Zolo’s gross revenues increased from Rs 6.2 crore in FY 17 to Rs 26.4 crore in FY18, as per YS report.