Zolostays, a tech-enabled provider of managed living services in India, has announced a new $56 million Series C fundraise led by Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital among others. The funding round takes the total capital raised by the company to $90 million.
Zolo develops and operates innovative, digitalised living concepts for target groups with differentiated needs. Today, 40,000 people can reside in properties by Zolo.
The company has tracked strong growth over the past years and plans to sustain that trajectory to reach 1 million people in the next 5 years. Zolo will deploy the new funds to invest in technology, locking in more inventory and strengthening AI-driven operating platforms.
Most of the residents at Zolo are young professionals and students, who are moving to a new city. In these uncertain times, it is a challenge for people to make long term commitments, provide large deposits and buy expensive furniture. The company offers flexibility between shared rooms and private rooms, no lock-ins, with only one month of rent as a deposit.
“We are creating a personalized living experience keeping the customer at the core. It allows them to personalize the way they live and work, all on their terms. We partner with them as they rewrite their own story and re-imagine life. Our unique approach allows us to enjoy the highest Net Promoter Score (NPS)- a benchmark indicator of customer satisfaction in the industry,” said Co-Founder and CEO Nikhil Sikri.
Gaurav Sharma from Investcorp said: “We have always been excited about managed living as an asset class as it aligns to our thesis to capitalize on the megatrend of urban migration. Zolo has created a trusted and reputed brand with its continuous innovation in building products for hassle-free living, an obsession of quality and laser-sharp focus on customer experience.”
Today, there are over 500 Zolos spread across ten cities and another 500 Zolos planned to start operations to absorb future demand. The company intends to invest the new funds to continue aggressive growth across the country. Another key avenue of growth is partnering with developers in conceptualizing ‘built to suit’ co-living spaces.
Large developers have partnered with Zolo to provide co-living campuses to people near their workplace. Zolo has more than 5 million square feet worth of ‘built to suit’ discussions underway.
Zolo is soon launching an uber-premium brand extension called Zolo Red Carpet.
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