a network of shared living & working spaces and operating under the brands CoLive247.com & CoWork247.com respectively has announced securing $1 million
in seed fund. Seasoned investors participated in the seed round of the company through a structured CCD (Compulsory Convertible Debenture)
as per the application with the ROC.
The company has been operational for the past year and already has 1,000+ young millennials as its members living in communities and 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.
The company proposes to use the funds to support its growth plans in the coming months. CoLife is targeting 10,000 keys within the next couple of years and a revenue target of Rs. 100 crores. The company also plans to expand its operations to Hyderabad, Pune and Gurgaon after consolidation in Bangalore.
"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", said Suresh Rangarajan, Founder and Director, CoLife who has been in the real estate industry for nearly a decade now.
CoLife is also currently working on the blueprint of a unique SaaS based app & 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.
CoLive247 operates 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 foosball, TT, home theatre, X-Box, Gym, etc. The company then rents out beds on a single sharing or double sharing basis to bachelor men, women & live-in & newly married couples.
Statistics suggest that over 1.5 million bachelor men and women are working or studying in Bengaluru today and are looking for quality shared accommodation. This naturally presents a tremendous market opportunity estimated to be in the region of Rs.7000 crs or US$1Bn in Bangalore alone. A large part of this segment currently stay in the numerous PGs which dot every nook and corner of our city for the past decade. Streamlining this segment with professional services and best in class amenities has been a focus area for CoLife.