Bengaluru: Leading provider of shared living and working spaces, CoLife raises $1 million seed fund from undisclosed investors. Veteran investors participated in the funding round through a structured CCD (Compulsory Convertible Debenture) as per the application with the ROC. The entity intends to utilize the funding in further expanding its operation to Hyderabad, Pune and Gurgaon after its association in Bangalore. The startup operates under the brands CoLive247.com & CoWork247.com.
Headquartered in Bengaluru, CoLife was founded in 2015 by Suresh Rangarajan, who has been in the real estate industry for nearly a decade now. Speaking on the event Suresh says, “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 enrollment”.
As per a study, more than 1.5 million unmarried men & women studies and works in Bengaluru and need quality shared accommodation. This represents the incredible market opportunity of $1 billion in the region itself. Providing this segment with professional amenities and best in class conveniences has been the prime focus of CoLife. The entity is currently working on the blueprint of a unique SaaS based app & inventory management system in order to organize and streamline the currently unorganized PG market. The service will also complement their existing business in shared living and working communities.
Today, the company has over 1000 members living in communities and 25+ startups & SMEs operating in its co-working spaces. The co-living and co-working spaces are currently spread across 15 locations across Bengaluru. The company is targeting 10,000 keys within the next couple of years and a revenue target of Rs.100 crores.