Co-living space provider StayAbode gets angel investment
StayAbode, a Bengaluru-based startup that is building co-living spaces, has raised an undisclosed amount in an angel round led by investors Ishan Manaktala and Angie Mahtaney, it said in a statement.
Those who have participated in the round also include Gaurav Bhalotia (former VP â€“ engineering at Flipkart), Vishal Lulla (CEO, VIshal Exports) and a group of investors from LetsVenture.
"StayAbode is using technology to create living spaces that support the lifestyle of the young and single-demographic household, enabling a high level of comfort and convenience," said Bhalotia.
The startup currently offers over 180 beds spread over four properties across Bengaluru and plans to expand to other cities as well.
StayAbode was co-founded by Christ University alumni Viral Chhajer and Devashish Dalmiya, and VIT alumnus Varun Bhalla in May 2016. Prior to starting up, Chhajer worked with food ordering app Runnr, while Dalmiya was with Roadhouse Hotels. Bhalla previously worked with Treebo Hotels.
"Our co-living spaces maximise space utilisation that allows members to live in a world-class facility at a price they would pay for a sub-standard accommodation facility in the city," Chhajer said.
The company claims to increase rental yields from the current 3-4% to 10-11% for property owners.
In September last year, CoLife Advisory Pvt. Ltd, which operates a network of shared living and working spaces under CoLive247.com and CoWork247.com, respectively, raised $1 million (Rs 6.7 crore) in seed funding from a group of undisclosed angel investors.
Bangalore-based Urban Stay Technologies Pvt. Ltd, which operates co-living platform for long stays Square Plums, raised Rs 3 crore ($450,000 then) in funding from Indian Angel Network (IAN) in July last year.
In November 2015, Zocalo, a brokerage-free listing platform for rentals and paying guest accommodation, launched co-living space for young working professionals.
StayAbode also competes with Tiger Global-backed NestAway, CoHo Stayz and Fella Homes. Fella Homes recently raised close to $2 million from unnamed investors and also acquired Noida-based home rental startup LifePad.