ZoloStays Property Solutions, which owns and operates managed accommodation platform Zolo, has raised $5 million in Series A funding led by existing investor Nexus Venture Partners. The funding round also includes venture debt from Innoven Capital.
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The company wants to create a new class of managed accommodations and plans to use the capital raised to grow aggressively to reach from 5,000 locked-in beds to over 12,000 beds and expand to Chennai and NCR by the end of this year, the company said. Zolo provides a place to stay, daily meals, housekeeping, firewall managed Wi-Fi, through an integrated app-based technology platform at locations near large office clusters in Tier-1 cities, for R5,000 a month.