Co-Living Startup CoLive Raises $1.8 Mn Funding From Ncubate Capital Partners
Summary
Bengaluru-based co-living space provider CoLive has raised $1.8 Mn (INR12 Cr) in a round of funding led by Ncubate Capital Partners, the private investment arm of SAR Family Office.The startup plans to utilise the recently raised funding to expand its presence and work towards its goal of offering one million managed homes in 25 cities across India. It will also use the funds to ramp up its technology infrastructure and enhance its talent pool.Commenting on the fundraising, Suresh Rangarajan, Founder and CEO, CoLive said, SAR Family Offices investment in CoLive is an opportunity for us to grow further and help solve the urban living conundrum in India by providing one million living spaces. Whose name remained undisclosed.CoLive is a technology-driven shared living space providing company, offering branded and serviced homes that are conveniently located near educational institutions and major business hubs. As the young students and working professionals move out of their homes to the bigger cities, and with a considerable rise in standard of living, the opportunity is currently ripe for the startups in this space.As shared by CoLive, property consulting firm JLL, has revealed that there is an acute shortage of properties in the student housing market approximately more than six million beds. Prior to that in May 2017, reports also surfaced that Bengaluru-based home rental startup NestAway acquired residential rental management company Zenify, for an undisclosed amount.In the market with huge opportunity as well as fierce competition, it is to be seen what the co-living space providing startup, CoLive achieves with the latest round of funding.