Colive, a technology-driven co-living space provider of rental homes, and Salarpuria Sattva Group have partnered in Rs 63 crore Series A funding.
Bangalore based company Colive plans to utilise the funding to expand operations in Hyderabad, Mumbai and Pune. The company also plans to increase its operations from 12,000 beds to 1 lakh beds over the next two years.
Speaking on the funding, Suresh Rangarajan, Founder & CEO, Colive said, “Thanks to our latest funding and with the support of Salarpuria Sattva Group, we now have more firepower to turn Colive into an entirely full-stack, tech-driven platform. Moreover, we plan to invest in the build-to-suit model inventory for co-living purposes.”
Bijay Agarwal, MD Salarpuria Sattva Group commented, “We believe co-living is going to be next big wave in India which will alter the real estate landscape in tier I cities specifically IT hubs. Nowadays, millennials move from one city to another and within the city also and with each move, they have to worry about finding and setting up a place to reside in. Coliving provides a huge respite to them along with community living, safety and additional services. We foresee ourselves in developing built-to-suit real estate which will specifically cater to co-living requirements and we also expect Colive will generate stable rental income over a period of time.”
Earlier, Colive had raised Rs 17 crore pre-series A funding. Founded in 2016, Colive offers ready to move-in rental accommodation, located near IT parks or business hubs.