CoLife, a network of shared living and working spaces, has secured $1 Mn Seed funding from undisclosed investors. The investors participated through a structured CCD (Compulsory Convertible Debenture), as per the application with the ROC.
The startup plans to use the funds to support its growth plans in the coming months. CoLife is targetting 10,000 keys within the next couple of years. It also plans to expand its operations to Hyderabad, Pune, and Gurugram after consolidation in Bengaluru.
Suresh Rangarajan, founder and Director, CoLife said, “The satisfaction of staying in a community full of like-minded youngsters with fully furnished spaces is a dream come true for this segment. Add to this the convenience of a single and affordable payment to take care of rent, maintenance, utilities, and other services are some of the key reasons driving our frenzied customer acquisition and enrollment.”
According to a company statement, it has over 1000 members living in communities and 25+ startups & SMEs operating in its coworking spaces. The coliving and coworking spaces are currently spread across 15 locations across Bengaluru.
CoLive247 operates by leasing entire buildings or clusters of 5-20 apartments each in a building on a long-term basis. It then furnishes the spaces and upgrades the premises with a host of amenities like home theatre, X-Box, gym, etc. The company then rents out beds on a single-sharing or double-sharing basis.
CoLife is also working on the blueprint of a SaaS-based app and inventory management system that shall help organise and streamline the currently unorganised PG market.
In June 2016, Jaipur-based coworking space, Wired Hub, raised an undisclosed amount of funding in a Seed round led by angel investors Ankit Maheshwari (Jaipur-based CA) and Anand Singh. Prior to this in February 2016, Bengaluru-based plug ‘n’ play workspace for startups, BHIVE Workspace, raised an undisclosed amount in Seed funding. Other co-working spaces in India include 91 Springboard, Innov8, etc.