Co- living spaces startup, StayAbode has closed a pre-Series Co-living funding for an undisclosed amount from Anupam Mittal (CEO, People Group) and Vineet Sekhsaria (Head, Real Estate investing, Morgan Stanley) and Japanese gaming company Akatsuki Inc.
The funds are being used to scale the business and create more supply as demand increases. StayAbode currently has 950 beds live and is operating at 97% occupancy at 15 properties across Bengaluru and has plans to expand to other cities in due course.
Last August, the startup had raised an undisclosed amount from Incubate Fund and a group of investors from the real estate industry including Legacy Global Projects MD Sanjay Shenoy and Mridul Upreti (ex Joint MD JLL India).
Angel investor Anupam Mittal, said, “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”.
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StayAbode was co-founded in October 2016 by Viral Chhajer, Varun Bhalla and Devashish Dalmiya who have strong backgrounds in marketing, technology and finance having founded start-ups and previously worked at start-ups like Runnr, Treebo Hotels and Roadhouse Hostels.