The co-living space, Zolostays, has raised USD 7 million from Trifecta Capital.
Founded by alumni of IIM, IIT and ISB, Zolo seeks to solve the problem of living for students and young professionals by elevating the traditional PG/service apartments/hostels, and offering all kinds of basic and luxury living amenities.
The company last raised USD 30 million from Nexus Venture Partners, IDFC Alternatives and Mirae Asset in January.
“We will utilize these funds to further our investments in capital expenditure, product innovation and expand to newer cities in the new year aggressively,” said Nikhil Sikri, CEO and cofounder, Zolostays.
The firm competes with Oyo’s Life brand, StanzaLiving, and Nestaway-owned Hello World. Last month, Zolostays appointed Sidhartha Mehra from Jupiter Capital as chief financial officer.
Zolostays manages more than 400 properties across 10 cities, including Bengaluru, Chennai, Kota, Pune, Gurugram, and Hyderabad, with 45,000 beds.