Marquee venture capital investor Nexus Venture Capitals invested Rs26 crore in the latest round of funding, of Bengaluru-based “ZoloStay” which offers property solutions and operates managed accommodation platform.
Till date the mobile and web-based company raised Rs 36 crores by their seed investment. The company was founded in June 2015 by Sikhri brothers Nikhil Sikhri and Akhil Sikhri. Zolostays operates in Bengaluru and Pune. The company partners with local real estate builders. They offer working professional fully manageable accommodation ranges between Rs 5000 to Rs 16,000 including food, utilities and housekeeping.
Nikhil Sikhri CEO of zolostay say’s “ We plan to use the capital raised to grow aggressively , to reach over 12,000 beds, up from our current 5,000 beds, and also expand to Chennai and national capital region by the end of this year”.
The company normally signs agreement with the builders for 5-11 years and 11 months for potential residents. They take up new construction projects and currently have about 24 properties listed. They are currently signing up for additional 40 properties.
Sameer Brij Verma, director of Nexus Ventur Capital talking about the project says “We believe there is a large market gap in the managed affordable living space targeted at students and young professionals moving into larger cities for employment and education opportunities.“
Their apartment rental business model is very similar to what we live in. There are reports saying that they have tied up with real estate developers in New York to offer furnished apartments with amenities. Read more on Indian Startups Funding.