StayAbode, a Bangalore-based startup which offers fully furnished and managed living spaces, has raised an undisclosed amount in its new funding round.
The investment in the current round comes from Sanjay Shenoy, MD of Legacy Global Projects and Mridul Upreti, former Joint MD of JLL India.
Along with them, the round also saw participation from existing investors including Gaurav Bhalotia, former VP of engineering at Flipkart; Vishal Lulla, Vishal Exports CEO; and a group of Investors from LetsVenture.
This is the second external funding round raised by the company. Earlier, it had raised an undisclosed amount in its angel funding round.
While financial details of the current round remain undisclosed, the company says that it has seen the valuation of the company grow three times from its previous round.
Also, some of the existing investors from Venture Vida, which led the previous round, have exited the company through secondary share transactions this time.
The incoming money will now be used by the company to scale its business by strengthening the technology backend and the team.
Viral Chhajer, CEO of StayAbode, said,
Incubate Fund, with their vast presence and strong network across South East Asia, will bring on board a more global perspective to the co-living phenomenon, while Sanjay Shenoy and Mridul Upreti, with their deep understanding of the real estate space, will play a key role in the supply front of things for us.
StayAbode, founded by Viral Chhajer and Varun Bhalla in 2016, works on a full-inventory model leasing habitable spaces for a 5-10 year period. It also offers services such as housekeeping, security and community events apart from housing facilities.
The company claims a monthly growth rate of 30 percent since its initial funding round and is targeting to increase its bed count to 1,200 by the end of this financial year.