your password has been reset successfully, Please login again.

Bengaluru-based StayAbode gets backing from Japanese gaming firm, Anupam Mittal

The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent of matrimonial website Shaadi.com.
BY BEx Bureau
BusinessEx
Jul 16, 2018

Bengaluru-based StayAbode Ventures Pvt. Ltd, a startup that provides co-living spaces, has raised an undisclosed amount of funding in a pre-Series A round of funding.

The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent of matrimonial website Shaadi.com; the startup said in a statement on Monday.

Japanese gaming company Akatsuki Inc. and Vineet Sekhsaria, head of real estate investing at investment bank Morgan Stanley, also invested in StayAbode.

Each of our investors brings on board a unique perspective to our vision of redefining the way millennials live in our cities, said Viral Chhajer, co-founder and CEO at StayAbode.

The startup said it will use the funds to expand the business in other cities and make key hires across verticals.

StayAbode claims to have 950 beds and is operating at 97% occupancy at 15 properties across Bengaluru. It said that 12 more buildings are due to be launched in Bengaluru. It also has plans to expand to other cities. The company claims it is operationally profitable.

Last year, the company had raised an undisclosed amount of funding from Incubate Fund and a group of real estate investors. The investors included Sanjay Shenoy, managing director at developer Legacy Global Projects; and Mridul Upreti, former joint managing director at property consultancy Jones Lang LaSalle India.

StayAbode builds co-living spaces for the rental residential real estate market, offering small private spaces like fully-furnished one- or two-bedroom apartments with common rooms, games areas, music and art corners.

Given land prices in the country, co-living is perhaps the only solution to Indias affordable housing woes. Co-living allows millennials to buy into a meaningful lifestyle without the hassle that comes with renting and without compromising on location and affordability in case of buying, Mittal said in the statement.

StayAbode was founded by Christ University alumni Chhajer and Devashish Dalmiya, and Vellore Institute of Technology alumnus Varun Bhalla in May 2016. Prior to starting up, Chhajer worked with food-ordering app Runnr, while Dalmiya was with Roadhouse Hotels. Bhalla previously worked with Treebo Hotels.

The company had raised angel funding led by investors Ishan Manaktala and Angie Mahtaney in February last year. Gaurav Bhalotia, former vice president of engineering at Flipkart; Vishal Lulla, chief executive at Vishal Exports; and a group of investors from online deal-making platform LetsVenture also participated in the angel round.

Please add your Comment
SIMILAR News
October 18, 2018
This is the second acquisition of InMobi in 2018, after it bought AerServ in January for $90 million ...More
By Vaishnavi Gupta
October 17, 2018
The Mumbai-based enterprise security company will make the investment through its wholly-owned subsi ...More
By Vaishnavi Gupta
October 16, 2018
This is the second acquisition of DailyNinja in Hyderabad after the acquisition of 4amShop in August ...More
By Vaishnavi Gupta
October 13, 2018
With this acquisition, the Bengaluru-based mobile entertainment services company will expand its bus ...More
By Vaishnavi Gupta
October 12, 2018
As part of the deal, Advent purchased entire 40% stake held by Indian PE firm Kedaara Capital and a ...More
By Vaishnavi Gupta
October 11, 2018
Future Enterprises will pay Rs 20 crores for the stake and Rs 5 crores additionally, if required. ...More
By Vaishnavi Gupta
October 11, 2018
The acquisition will help MobiKwik to strengthen its foothold in the digital financial services sect ...More
By Vaishnavi Gupta
October 10, 2018
The combined entity will be providing a comprehensive solution to convert waste plastic into valuabl ...More
By Vaishnavi Gupta
October 09, 2018
The company is expecting that the AP unit will help it to strengthen its presence in the highly comp ...More
By Vaishnavi Gupta
October 09, 2018
With the acquisition of Two Roads, Hyatt will expand its brand presence into 23 new markets. ...More
By Vaishnavi Gupta
October 08, 2018
The acquisition marks Mercer's entry into the global talent assessment market. ...More
By Vaishnavi Gupta
October 06, 2018
Through this acquisition, Thomas Cook is foraying into the travel technology space. ...More
By Vaishnavi Gupta