Funds to be utilized for geographical expansion and to build technology capabilities for scale
April 9, 2019: Colive, India’s leading technology-driven co-living space provider of fully managed rental homes for the young working professionals & couples today announced that it has partnered with Salarpuria Sattva Group in US$9.2 Mn (Rs.63 crs) Series A funding. Led by the Salarpuria Sattva Group, the latest funding marks a significant milestone in Colive’s remarkable growth journey. The Bangalore-based company will utilize the funding to scale up its operations from 12,000 beds to 1 lakh beds over the next two years. In addition, it also looks forward to expand its presence in Hyderabad, Mumbai and Pune.
Speaking on the funding, Suresh Rangarajan, Founder & CEO – Colive said, “Our mission is to make fully amenitized technology enabled stylish living spaces easily accessible to working professionals, Millennial and Gen Z at an affordable price. At Colive, members can enjoy all the modern features coupled with tech enabled video surveillance based security without having to break the bank. Working professionals & young couples can upgrade their lifestyle and make living an experience with Colive and meet like-minded people in the community making it a total fun place to live! 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.”
Sharing his insight, Bijay Agarwal, MD Salarpuria Sattva Group commented, “We believe Coliving 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 city also and with each move, they have to worry about finding and setting up a place to reside in. Coliving provide 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 Coliving requirements and we also expect Coliving will generate stable rental income over a period of time.
We are proud to partner Suresh Rangarajan in his journey to create a leading Coliving operator in the country. Suresh Rangarajan is extremely passionate about Coliving and has gone into every detail to make this an extremely successful venture. The company has experienced a profound growth since inception and we believe that with our support, Colive will emerge as the leading Coliving operator in the country. In the last couple of years, the Suresh Rangarajan and team of Colive has proved its mettle. We are extremely delighted to partner with them and extend our support.”
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