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Zolo raises $30 million from IDFC Alternatives, Mirae Asset and Nexus Venture Partners

It had raised $5 million in Series A funding from Nexus Ventures Partners in December 2016.

January 07, 2019 / 03:25 PM IST
Foreign exchange earnings totaled USD
24 billion in January-October 2019, with a
growth (year-on-year) of two percent.

Foreign exchange earnings totaled USD 24 billion in January-October 2019, with a growth (year-on-year) of two percent.

Co-living startup Zolo on January 7 said it has raised $30 million in a Series B round of funding led by IDFC Alternatives, Mirae Asset and Nexus Venture Partners.

It had raised $5 million in Series A  funding from Nexus Ventures Partners in December 2016.

Zolo will utilise the funds for expansion in other cities and technological advancement.

In the past two years, the company has grown from 2,000 live beds to 16,000 live beds with 157 properties. Zolo is targeting 50,000 beds by the end of this year. The company has tied up with building owners, and large developers to acquire supply and already has a healthy pipeline to reach its goal.

"Our vision is to change the way people imagine living. Co-living spaces offer immense potential as a market in India, something that we at Zolo identified and tapped into, early, with Zolo being the first full stack player to enter this business in 2016," said Nikhil Sikri, co-founder and CEO, Zolo.

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The company is likely to compete with heavy pocketed hospitality firms such as Oyo.
Moneycontrol News
first published: Jan 7, 2019 03:23 pm

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