StayAbode, an Indian startup that builds coliving spaces for rent, has received an undisclosed amount as an add-on to pre Series A funding from Voyage Group, Akatsuki and Incubate Fund.
“We are very excited to bring the Voyage Group on board as an investor. We have taken some interesting steps in the business after signing on our first greenfield development…while we continue to grow through our brownfield projects in Bangalore,” said Viral Chhajer, Co-founder & CEO, StayAbode.
In July last year, the Bengaluru-based startup raised an undisclosed amount of funding in a pre-Series A round from Anupam Mittal (CEO, People Group); Vineet Sekhsaria (Head, Real Estate investing, Morgan Stanley); and Japanese gaming company Akatsuki Inc.
The startup was founded in 2016 by Viral Chhajer, Varun Bhalla and Devashish Dalmiya who have strong backgrounds in marketing, technology and finance having founded startups and previously worked at companies such as Runnr, Treebo Hotels and Roadhouse Hostels.
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”Since we made an investment in August 2017, we have been closely working with StayAbode team. Our trust on promoters and sureness of their success has been reinforced over the last year. We, at Incubate Fund, are big believers of co-living as a real estate play and we think StayAbode would be one of the few winners of this rising model in India,” said Nao Murakami, general partner at Incubate Fund India.
StayAbode is a company that is targeting the rising young and mobile population of India by creating co-living spaces for rent in a scalable model. The startup claims its model supports the lifestyle of the young, single “sociable” household, some of the facilities provided include payment of utility bills are paid, linen wash along with daily housekeeping.
Earlier this year in January, Bengaluru-based co-living startup Grexter raised $1.5 Mn (INR 10.6 Cr) in a Pre-Series A funding round from Venture Catalysts. In the same month, Mumbai-based ZoloStays raised a $30 Mn Series C funding round led by IDFC Alternatives, Mirae Asset and Nexus Venture Partners
In 2018, Bengaluru-based co-living space provider CoLive had raised $1.8 Mn (INR12 Cr) in a round of funding led by Ncubate Capital Partners, the private investment arm of SAR Family Office.
Last year also saw the likes of OYO Hotels get into this segment with its ‘OYO Living’ offering that seeks to expand in the top 10 metros by the end of 2019 with 50,000 beds. Its monthly rental plan starts from $109 (INR 7,999) per bed.
By 2022, India’s co-living industry is expected to be 20 times bigger than it is today with the shared-living market valued at $120 Mn (INR 845 crore) in 2018, as per data from research and advisory firm RedSeer Consulting.
In the next four years, the Indian co-living market is expected to surpass $2.2 Bn in value.