The Bengaluru-based company, which operates under Zolostays Property Solutions, aims to have one million beds under management by 2025. The firm also said it is in advanced talks to raise its Series C round of funding.
Zolostays, which offers affordable housing apartments to young professionals and students, has raised $7 million from venture debt firm Trifecta Capital..
“The firm will use the funds to increase its capital expenditure investments, product innovation, and geographical expansion. Building an organization to be the ‘Amazon of co-living’ takes commitment and our investment program presents a playbook that supports this vision,” says Nikhil Sikri, co-founder and chief executive officer at Zolostays.
The startup was founded in 2015 by Nikhil Sikri, an alumnus of the All India Institute of Medical Sciences and Indian School of Business, and Akhil Sikri, a graduate of the IIT-Delhi.
The firm competes with Oyo’s Life brand, StanzaLiving, and Nestaway-owned Hello World. Last month, Zolostays appointed Sidhartha Mehra from Jupiter Capital as chief financial officer. According to Nilesh Kothari, Managing Partner, Trifecta, Zolostays is likely to achieve profitability in the next 18 months.
Zolostays manages more than 400 properties across 10 cities, including Bengaluru, Chennai, Kota, Pune, Gurugram, and Hyderabad, with 45,000 beds. In Bengaluru, for instance, rent per bed averages Rs 10,000.