Co-living startup Zolo on Monday said it has opened a new luxury facility in Bengaluru comprising about 700 beds and spread over 1.2 lakh square feet area.
The company, which was founded in 2015, has 50,000 beds across 300 properties in 13 cities, catering to working professionals as well as students.
Zolo has raised USD 90 million so far from investors including Investcorp, Nexus Ventures Partners, IDFC Alternatives, Trifecta Capital, and Mirae Assets.
In a statement, the company said it has started its flagship property in the luxury segment. The company claimed the facility is the largest in India spread across 1,20,000 square feet.
The luxury facility ‘Zolo Triloha’ is priced 50 per cent higher than their usual rental offerings. The prices are in the range of ₹14,000 to ₹35,000 per bed per month.
Nikhil Sikri, CEO & Co-Founder, Zolo, the new coliving centre is set to change how the real estate market and users view co-living spaces. “The collaborative spaces spread across the property will encourage community building which is a core part of the values at Zolo,” he added.
The rooms are divided into five categories – premium suite, premium single, premium double, standard single and twin sharing.
Besides Zolo, Stanza Living, CoLive, Housr, Settl, Your-Space, Coho, NestAway and Embassy group are major players in the co-living segment.
With the reopening of offices and colleges, the co-living segment has recovered from the onslaught of the COVID-19 pandemic and demand for rental homes has risen sharply.
The co-living industry, which provides managed rental accommodations for working professionals and students, was severely affected during the last two financial years due to the pandemic and lockdowns that caused reverse migration from cities.
It was among the worst affected sectors because of the closure of offices, schools and colleges for a long period of time. Many small operators even shut their businesses.
All major players in the co-living space are expanding their footprint across key cities and augmenting their facilities to raise the bar for shared living with quality services, safety and security.
In December, Colliers India came out with a report saying that the number of beds fell to 1.3-1.4 lakh in 2020, from 2 lakh in the previous year, while the occupancy level dropped to 40-60 per cent.
During the 2021 calendar year, the supply again bounced back to over 2.10 lakh beds, and the occupancy level improved to 70 per cent. The number of beds could surge to 4.5 lakh by 2024, the consultant added.