India's Zolo secures $30m Series B
Indian managed accommodation platform operator Zolo has raised $30 million in Series B funding from a group of investors including IDFC Alternatives.
Korea's Mirae Asset Financial Group and Nexus Venture Partners are among the other participants. Nexus led a $5 million Series A last year that featured a contribution from venture debt firm InnoVen Capital. The fresh capital will be used for an expansion in the student accommodation segment.
Founded in 2015, Zolo focuses on providing affordable co-living accommodation for young professionals and students in major cities via an online service that also facilitates housekeeping, dining options, and internet access. The company is said to manage about 160 properties with some 16,000 beds. This compares to about 5,000 beds at the time of the Series A.
Co-living is considered a fast-growing lifestyle among young Indians in competitive urban real estate markets and synergistic with the proliferation of co-working spaces. Sameer Brij Verma, a partner at Nexus, describes Zolo as the largest player in this segment and said that he expected the company's model to be extendable to several other markets.
Similar activity around the region includes Warburg Pincus' $181 million commitment in November to Weave Co-Living, a Hong Kong-based company aiming to provide local millennials with 10,000 bedrooms across the next five years.
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