StayAbode, a startup that develops co-living spaces has reportedly announced that Akatsuki, Voyage Group, and Incubate Fund have made investments in an add-on to its pre-Series A funding round. However, the company has not disclosed the investments secured.
For the record, StayAbode presently has 1,200 beds available at more than 19 properties located in Bengaluru with 1,000 additional beds planned to go live over the next six months and is operating at 97 percent occupancy. Moreover, the company is planning to expand to other locations in the coming years, cited sources.
The startup specializing in co-living, recently teamed up with CP Developers and is developing a co-living project in India, involving 1,400 people living in a community environment, in the center of Bengaluru’s Whitefield, reported sources familiar with the development.
Viral Chhajer, Co-Founder and Chief Executive Officer of StayAbode, said in a statement that with the current top-up on StayAbode’s pre-series A fundraiser, the company plans on growing its operating base and making significant hires for the next growth phase of the company.
A news report quoted Nao Murakami, Incubate Fund India’s General Partner, saying that the company’s been working closely with StayAbode since its investment in August 2017. Incubate’s trust on promoters and the sureness of their success has been reinforced in the last year. Murakami further noted that everyone at Incubate Fund is a big believers of co-living as a real-estate play and thinks that StayAbode could be one of the few winners of this emerging model in India.
For the uninitiated, StayAbode is a company whose customer base includes India’s rising young and mobile population for whom the company is developing co-living spaces for rent as a part of an accessible model. The startup believes its model complements the lifestyle of the young, single, and sociable, offering facilities like paid utility bills, linen wash, and daily housekeeping, reported sources.