CoLife, a startup which is offering shared living as well as co-working space, has raised $1 million in its seed funding round. While the company has not revealed the names of the investors, it says that multiple seasoned investors have participated through a structured CCD.
The funding raised by the company will be used to boost its business expansion plans. It plans to expand its business to Hyderabad, Pune and Gurgaon. CoLife aims to generate revenues of around Rs. 100 crore in next couple of years.
The company has been operational for the past year and claims to have over 1,000 young millennials as its members, living in communities. Further, it says that it also has 25+ startups & SMEs operating in its co-working spaces. The co-living and co-working spaces are currently spread across 15 properties in strategic locations across Bangalore.
Commenting on this funding round, Suresh Rangarajan, founder and Director of CoLife, said,
The satisfaction of staying in a community full of like-minded youngsters with fully furnished spaces is a dream come true for this segment. Add to this, the convenience of a single and affordable payment to take care of rent, maintenance, utilities & other services are some of the key reasons driving our frenzied customer acquisition and enrolment.
CoLife is also currently working on the blueprint of a unique SaaS-based app and inventory management system that shall help organize and streamline the currently unorganized PG market. The service will also complement their existing business in shared living and working communities.
It is operating by leasing entire buildings or clusters of 5-20 apartment each in a building on a long term basis and then completely furnishing the spaces and upgrading the premises with a host of amenities like football, TT, home theatre, X-Box, gym, etc. It then rents out beds on a single sharing or double sharing basis to bachelor men, women, live-in and newly-married couples.
As per the stats, over 1.5 million bachelor men and women are working or studying in Bengaluru, who are looking for quality shared accommodation. This presents a tremendous market opportunity estimated to be in the region of Rs. 7,000 crore in Bengaluru alone. For CoLife, streamlining this segment with professional services and best-in-class amenities has been a focus area.