Bengaluru-based StayAbode, co-living space startup has raised an undisclosed amount of funds in pre-series A funding led by Anupam Mittal, CEO at People Group. Other investors participating in this funding round included Vineet Sekhsaria, Head, Real Estate investing, Morgan Stanley, along with Japanese gaming company Akatsuki Inc.
The funds raised will be used to scale the business to other cities and to make key hires across verticals.
StayAbode promotes community living where residents can share living spaces by helping each other to learn and grow through various events and interactions. It was founded by Viral Chhajer, Varun Bhalla and Devashish Dalmiya in 2016. The living spaces provided by StayAbode include bedroom, bathroom, along with communal areas like the games room, music room, art room, common kitchens, etc.
At these co-living spaces, one doesn’t need to be bothered about managing a household. The experience is that of a boutique hotel where – utility bills are paid, housekeeping is done, linen washed and where one cooks only when one feels like. At these co-living spaces one can connect with like-minded people,” the company said in a statement.
It has 950 currently has 950 beds with an occupancy rate of 97% at 15 properties across Bengaluru. While Stay plans to expand to different cities, there are 12 more building due to be launched in Bengaluru as the company looks to venture deeper into the city.
Angel investor Anupam Mittal, adds, “Given land prices in the country, co-living is perhaps the only solution to India’s affordable housing woes. Co-living allows millennials to buy into a meaningful lifestyle without the hassle that comes with renting and without compromising on location and affordability in case of buying. The space is set to explode much like co-working has and so I am excited to back StayAbode with its excellent execution track record”.