Founded by Sundari Rangarajan and Suresh Rangarajan in 2016, the Bengaluru-based company offers serviced homes near educational institutions and working spaces. The company claims to hold 75 properties in Bengaluru
CoLive, Bengaluru-based co-living startup, has secured $1.8 million in an investment round led by Ncubate Capital Partners. Ncubate Capital Partners is the private investment firm of SAR Family Office. The company plans to use the funds raised to scale-up geographically, product development and hiring, the company said in a statement.
Talking on the usage of funds raised, Suresh Rangarajan, founder of CoLive stated, the investment is CoLive will help us solve the ‘living conundrum’ in the country by providing ‘one million’ living spaces. He further added that with a pipeline of inventory, the company will reach ‘10,000 beds by the next few quarters’.
With the latest round of investment the company’s total disclosed investment reaches $2.7 million. They had earlier raised a round of $1 million from Sachin Khimji Nuvo Investors and Realtors Pvt. Ltd in 2016. The company also owns shared-working space provider CoWork247.
Founded by Sundari Rangarajan and Suresh Rangarajan in 2016, the Bengaluru-based company offers serviced homes near educational institutions and working spaces. The company claims to hold 75 properties in Bengaluru and holds over 3,000 beds as inventory. The company has recently expanded its operation in Vellore and Coimbatore, and plan to launch its services in Trichy, Thanjavur, Madurai and Amaravati soon.
Suresh is a graduate from Yale School of Management and has holds experience in working with Wall Street bank Citigroup. He was also the president of TimesofMoney and later founded a company Artha Group.
Commenting on the scope of co-living spaces, Rakesh Malhotra, Managing Partner at Ncubate capital stated that with this investment, the company is looking towards an exponential growth that the startup is poised to achieve in the next few years. With more people renting than buying, companies like CoLive have a massive potential in the sector.
Industry experts point out that the entry of players in a market like co-living will not just bring standardisation in co-living spaces but also provide monetisation opportunities for home owners, who maybe sitting on idle inventories.