StayAbode, a start-up building co-living spaces, has today announced that it has raised an undisclosed amount in angel funding from a consortium of investors led by Ishan Manaktala and Angie Mahtaney.
Along with them, Gaurav Bhalotia (Ex-VP of Engineering, Flipkart), Vishal Lulla (CEO, Vishal Exports) and a group of investors from Lets Venture have also participated in the round.
Commenting on the startup and funding, Ishan Manaktala, who invested in this round, said,
StayAbode brings a unique concept to the rental market which is very relevant to the Indian urban millennial. We were impressed by the team’s use of technology and analytics to build a sense of community. Community living is disrupting cities across the world and we are excited to back this team and to invest in Stayabode.
Viral Chhajer, Co-founder, StayAbode, says,
At Abode we’re building the future of residential real estate for the urban millennials. The sharing economy is transforming industries and the way we now look at utilising resources. Our co-living spaces maximize space utilization that allows members of our community to live in a world class facility at a price they would pay for a sub-standard accommodation facility in the city.
StayAbode was co-founded by Viral Chhajer, Varun Bhalla, and Devashish Dalmiya. It currently offers over 180 beds spread over 4 properties across Bengaluru and has plans to expand to other cities in due course.
The platform leverages technology, design, service and brand to build co-living spaces for the rental residential real estate market at scale. StayAbode’s co-living spaces are a mix of small private spaces, containing more than a bed and cupboards with communal areas – kitchens, common rooms, games areas, music and art corners.
The places are claimed to be designed primarily, but not exclusively for the single sociable types who can’t be bothered with the hassles of managing an apartment.
For property owners, Abode uses real-estate efficiently giving them up to 100% higher yield on their properties. The startup has a healthy pipeline of real estate owners who are signing up their properties with them. It claims that it increase rental yields from the current 3-4% to 10-11% for property owners.
