Established in 2019, by Rohit Reddy and Ranjeeth Rathod, the startup provides housing for all demographic populations of India
By 2025, the startup aims to have 7000 coliving beds in Chennai and 36 holiday homes across Tamil Nadu
Truliv states that the coliving businesses in India are confined to Tier-I cities with some expansion being noticed across the Tier-II cities
Hospitality startup Truliv has raised a Pre-Seed funding of $1.5 Mn from Conquest Global Ventures VCC, Vara Future LLP and other investors.
Established in 2019, by Rohit Reddy and Ranjeeth Rathod, the startup provides housing for all demographic populations of India right from millennials to retired people.
The startup will use the money to grow its coliving, and holiday homes businesses. As per Truliv, it aims to grow its coliving business 3X from its current capacity and achieve a target of 7000 coliving beds in Chennai, by 2025.
Besides, the startup aims to roll out 36 holiday homes in Tamil Nadu to achieve 5X growth of its current capacity.
Commenting on the roadmap, cofounder Reddy said, “Our scale-up plan for Coliving and Holiday Homes is backed by the demand we see in this space. Coliving has immense potential since it is flexible, convenient, and social. Truliv will envigor to be at the forefront of India’s growth story by providing alternative and convenient solutions for the future.”
The startup looks at the market as one with high potential. According to the startup, the rising relocation trend for work coupled with poor stay facilities in the unorganised market, make space for growth of such businesses in India.
Further, organised coliving is confined to the Tier-I cities of India, with some expansion being noticed across the Tier-II cities, the startup observed.
The coliving space in India has been crowded with startups including Housr, Stanza Living, Zolo, CoHo etc.
Coming out of the Covid-struck years’ impacts, the space has started to get back on track. Coliving startup Stanza Living raised $ 57 Mn in debt funding led by Kotak Mahindra Bank and RBL Bank with Alteria Capital last year. Its consolidated net loss surged 1.8X to INR 417.4 Cr in the FY22 from INR 226.33 Cr in the previous fiscal year.
Yet another coliving startup Your-Space raised $10 Mn led by Shantanu Rastogi of General Atlantic, Ajay Gupta’s family office Ajax Capital and Holy Basil Consultancy.