Investcorp leads $56m round for India co-living operator

Nexus Venture Partners, Mirae Asset Global Investments, and debt investor Trifecta Capital also participated. It follows a $30 million Series B last year from Nexus, Mirae, and Investcorp-owned IDFC Alternatives. Venture debt specialist Trifecta also provided $7 million last year. Total funding to date comes to more than $97 million. 

Zolo provides affordable co-living accommodation to 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 450 facilities with capacity for 40,000 tenants. This compares to about 16,000 beds at the time of the Series B and 5,000 beds as of the Series A. The goal is to serve one million customers within the next five years.

Investcorp entered India in January last year with the acquisition of IDFC’s private equity and real estate businesses. This provided the Bahrain-listed asset manager with a ready-made platform in the country, including assets under management of around $450 million. Under Investcorp ownership, IDFC Alternatives closed its second fund last year at INR10 billion ($133 million).

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. Recent activity in this space includes a Series C for New Delhi-based Stanza Living, which focuses on tech-enablement and a student clientele. Around the region, similar investments have been made in Singapore’s Hmlet and Hong Kong’s Weave Co-Living.

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• Topics
• South Asia
• Consumer
• Expansion
• Real estate
• India
• Investcorp
• Nexus India Capital Advisors
• Mirae Asset Private Equity
• Trifecta