Bengaluru: Colive, which provides co-living space through fully managed rental homes, has raised $9.2 million (Rs 64 crore) in its series A funding round led by property developer Salarpuria Sattva, in what is one of the first inÂvestments by a builder in the upcoming business segment.
The funding will help the company to scale up its operÂations from 12,000 beds to 1 lakh beds over the next two years and expand to HyderaÂbad, Mumbai and Pune beÂsides its base in Bengaluru.
“Our mission is to make fully amenitised technology-enabled stylish living spaces easily accessible to working professionals, millennials and Gen Z at an affordable price,” founder and CEO SureshRangarajansaid. SalaÂrpuria Sattva will own close to 50% of the company post the deal. “We believe co-living is going to be the next big wave in India which will alter the real estate landscape in tier-1 cities, specifically IT hubs,” Bijay Agarwal, MD of SalaÂrpuria Sattva Group, said.
Salarpuria added it will develop built-to-suit real esÂtate which will specifically cater to co-living requireÂments and expects Colive to generate rental income.