Bengaluru-based co-living and home rental startup Zolo Stays is in talks with Mirae Global Asset Management, South Korean financial services firm, to raise a ₹213 crore ($30 million) funding round, as reported by Economic Times.
If the reports are to be believed, the fresh funding is expected to value Zolo Stays at over ₹700 crore ($100 million).
The reports have not yet been confirmed either by Zolo Stays or Mirae Global Asset Management.
The development comes soon nearly a month after, it was reported that SoftBank-backed global hotel chain OYO is foraying into housing rental with “Oyo Living”, to offer co-living spaces to young professionals.
Zolo Stays, owned and operated by ZoloStays Property Solutions, was founded by Nikhil Sikri, an alumnus of AIIMS, along with Akhil Sikhri, an IIT Delhi graduate in 2015.
The startup offers quality co-living spaces to students and young professional through its technology platform. The rooms offered have various facilities like security, internet services, furnished rooms, hygienic, and healthy food, among others.
Earlier in January 2017, Zolo Stays raised $5 million in a series A funding round led by Nexus Venture Partners, according to Crunchbase.
Other startups competing with Zolo Stays, in the co-living and home rental domain include NestAway, ZiffyHomes, Stanza Living, and NoBroker, among others.
Earlier this month, it was reported that NestAway is in talks with investors to raise $100 million in a fresh funding round.
According to industry estimates, the home rental market in India is pegged at $18-20 billion.
According to an IBEF report, the real estate sector in India is expected to reach $1 trillion by 2030, from $120 billion in 2017. The overall share of rental housing in India is estimated to be between 35-45% of the total residential segment in India, according to Anarock Property Consultants.