Bengaluru-based coliving startup, ZoloStays, has raised $7 Mn from venture capital firm Trifecta Capital in Series C. Previously, the company was in advanced talks with its existing investors to raise $100 Mn.
With this funding, ZoloStays plans to enhance product innovation, capital expenditure and expand into new cities like Indore, Nagpur, Nashik and Chandigarh by 2020. Currently, the company operates in over 10 cities — Bengaluru, Chennai, Kota, Gurugram, Hyderabad, Pune, Mumbai, Noida, Delhi NCR and Coimbatore.
According to Nilesh Kothari, managing partner at Trifecta, ZoloStays will likely achieve profitability in the next 18 months. In 2019, ZoloStays claims to have registered a revenue growth of 200% and 2x user growth, compared to 2018.
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