Bengaluru-based Colive has secured $20 Mn (INR 176.32 Cr) in its Series B funding round led by Bain Capital, with participation from its existing investor and real estate major Sattva Group.
In a statement, the startup said that the fresh capital will be used to enhance technology infrastructure and expand its market presence.
Founded in 2016 by Suresh Rangarajan, Colive is a technology-powered rental accommodation provider. It provides branded and serviced ready-to-move-in homes and is mainly focussed on single professionals and young couples.
While it has a strong presence in Bengaluru, the startup's homes are also available in various pincodes across cities such as Hyderabad, Pune and Chennai.
Prior to the latest funding round, Coliving had raised over $12 Mn. It competes with startups such as Truliv, Stanza Living, Zolo Stays, and NestAway, among others.
Colive To Set Up New Real Estate Platform
In addition to the funding, the startup said it has partnered with Bain Capital and Sattva Group to set up a pan-India coliving platform with an initial commitment of at least $100 Mn.
The new platform will acquire land, develop houses and deliver fully-furnished, smart, professionally managed residences near major employment hubs and educational centres in urban cities, addressing the growing demand of Gen Z and millennial professionals and students.
The coliving startup claimed that the platform has completed initial land acquisition in Pune and Bengaluru, with nearly 0.5 Mn sq ft of coliving spaces under development. Besides, it is actively evaluating additional land parcels in Bengaluru, Pune, and Hyderabad.
Colive is aiming for 8-10 flagship developments in the immediate term via the new platform.
With rising industrialisation and urbanisation, coliving platforms are seeing a rapid rise in demand.As a result, investors are actively backing these platforms.
Earlier this year, Bennett, Coleman & Co. Ltd invested in coliving startup Truliv today at a valuation of INR 356.50 Cr.
As per a Colliers India report, the coliving space is set to grow 5X from INR 4,000 Cr ($ 465 Mn) in 2025 to nearly INR 20,000 Cr ($ 2.33 Bn) in 2030.