CoHo, a co-living space provider startup, is reportedly aiming to raise INR 70-100 crore in order to expand its presence in India, reported ET.
While, Uday Lakkar, founder and CEO at CoHo, said that the platform is looking to reach one lakh beds by year 2022.
“We are actively looking to raise capitals from strategic players and pure-play financial institutions for funding our expansion plan. We are targeting to reach one lakh beds over the next three years,” Lakkar further said.
CoHo was started by Uday Lakkar in 2015. The platform CoHo provides rental accomodations to both students and working professionals. It caters to retail as well as premium institutional clients like IIT Delhi, Pearl Academy, Indian School of Hospitality (ISH) and Max Healthcre, amongst others.
Currently, CoHo has about 3,500 beds mainly in Delhi-NCR and Bengaluru, and another 10,000 beds would be launched soon.
Lakkar further added that the company would set up co-living facilities in four metros – Bengaluru, Chennai, Hyderabad, Pune – and other major urban cities.
Lakkar expressed that the company has already achieved break-even at property level and would be profitable at entity level in the next financial year.
“CoHo’s growth will be accelerated through partnerships with real estate developers and fund houses which are looking to build portfolio in this space, wherein CoHo acts as an operator which best optimizes the asset monetisation,” Lakkar said.
Furthermore, according to a report by PropTiger, co-living business has the potential to become a USD 93-billion market annually on rising demand for rental housing from students and professionals. The co-living sector has total untapped demand of about 46.3 million beds; out of which, 8.9 million is from student housing, it added
Some of the fastest emerging co-living startups include Oyo Life, NestAway, ZiffyHomes, Stanza Living, and NoBroker, among many more.