In India, the need for sharing space is increasing which is building this business opportunity more engaging. In this home rental space, investors are taking the interest because of increase in demand so the latest development in this space is that a shared living accommodation provider CoLive has secured funding of 1.8 million (approx. Rs.12 crore) in a funding round led by Ncubate Capital Partners.
In 2016, the Bengaluru based startup was founded by Sundari Rangarajan. The startup has a network of branded serviced homes conveniently located near educational institutions workplaces to lend as a co-working space to youngsters. The startup plans to use the raised funding to strengthen its technology and improve its product.
Rangarajan said, The investment in CoLive is not only a definite validation of the companys business model but also an opportunity for us to grow further and help solve the urban-living conundrum in India by providing one million living spaces. With a strong pipeline of inventory, we are firmly on track to reach our 10,000 beds target in the next couple of quarters.
SAP Group parent company of Ncubate Capital Partners which is focused on water purifiers, clean tech, etc. The venture capital firm is more focused on early-stage ventures.
Rakesh Malhotra, managing partner, Ncubate Capital Partners, said, With more people renting than buying, CoLive has a massive potential across the market. Moreover, I firmly believe that the student-housing problem is one such challenge that can be solved through technology and the right amount of strategic planning.
The startup has around 75 properties in Bengaluru and is planning to new cities.