Khaitan & Co advised IDFC Alternatives and Mirae Asset Global Investments on the deal
ZoloStays Property Solutions, a co-living and home rental startup, has raised $30 million in a funding round led by existing investor Nexus Venture Partners and IDFC Alternatives to fuel its expansion plan.
The Series B funding round also saw participation from Mirae Asset, as ET had reported in November last year. The transaction is estimated to have pushed up the company’s valuation by more than $100 million.
The Bengaluru-based startup, which has a platform that serves as a market place for property solutions like paying guest accommodation, service apartments and independent flats, will use the money to expand its footprint across the metro cities, according to Nikhil Sikri, its co-founder.
The company currently operates in Bengaluru, Hyderabad, Pune, Chennai and Kota and has tied up with numerous building owners and large developers for its expansion plan.
The startup claims to have 16,000 live beds and 50,000 locked-in beds under its two offerings—Zolo Standard and Zolo Select. In a statement the company claimed that it is the largest co-living player in India.
The company’s revenue from operations stood at Rs 27 crore for FY18 while it incurred a loss of Rs 4 crore, said Sikri. He added that the startup plans to clock Rs 100 crore in revenue for the next financial year.
Khaitan & Co advised IDFC Alternatives and Mirae Asset Global Investments with a team including Vineet Shingal (Picture), Nayantara Kutty, Srikanth Mantravadi, Shailesh Singh, Roopali Adlakha and Rimjhim Khandelwal.
Involved fees earner: Vineet Shingal – Khaitan & Co.;
Law Firms: Khaitan & Co.;