Colive raises $9.2 Million in series A funding round led by real estate firm Salarpuria Sattva Group.
Colive plans to add 1 lakh beds over the next two years.
Colive to provide its services in Mumbai, Pune, and
Bengaluru based technology driven co-living space provider Colive has raised $9.2 Million in series A funding round. The round is led by real estate firm Salarpuria Sattva Group. Colive is planning to use freshly raised funds to accelerate its operations from 12,000 beds to 1 lakh beds over the next two years and to expand its presence in Mumbai, Pune, and Hyderabad and boosted its technology capabilities.
According to Suresh Rangarajan, founder, and chief operating officer of Colive, “Our aim is to make fully amenitised technology-enabled stylish living areas easily accessible. Working professionals and young couples can upgrade their lifestyle and make the living experience with Colive and meet like-minded people in the community making it a total fun place to live.”
Bijay Agarwal, MD Salarpuria Sattva Group also said about the investment, “We think Colive is going to be next to market behemoth in India which will reform the real estate landscape in tier I cities specifically IT hubs. Nowadays, millennial move from one city to another and within the city also and with each move, they are in dilemma about questing and setting up a place to reside in.”
Colive presently offers co-living spaces in Bengaluru and Chennai and co-working spaces only in Bengaluru. It also has a facility of providing rentals to small and medical enterprises such as technology companies, professional firms, and newly launched firms.
Colive came into action in 2016 by a chartered accountant and Yale University alumnus, Suresh Rangarajan K. Firm has risen Rs 17 crore in pre-series A funding. Indian co-living and the co-working market are enhancing at great velocity. Various companies and startups have emerged in the real estate market. This has motivated investors who are keen to cash in on the opportunity in the segment. Various co-working space firms include CoWrks, WeWork, Smartworks, Awfis, and Regus.
According to a report by property consultant ANAROCK, co-working spaces are emerging to be cost-efficient by slopping down outlays on rentals, fixed-capital investments, and property maintenance.
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