Bengaluru-based StayAbode, a startup that provides co-living spaces, has raised an undisclosed amount in its pre-Series A funding round. The investors who participated in this round included Anupam Mittal (CEO, People Group) and Vineet Sekhsaria (Head, Real Estate investing, Morgan Stanley) and Japanese gaming company Akatsuki Inc.
The investment comes after a strategic round led by 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) last year.
Viral Chhajer, Co-founder & CEO, StayAbode, says, “Each of our investors brings on-board a unique perspective to our vision of redefining the way millennials live in our cities. Capital raised now will be primarily used to make key hires across verticals and set the base for our expansion into our cities across the country”.
Founded in 2016 by Viral Chhajer, Varun Bhalla and Devashish Dalmiya, StayAbode is building co-living spaces for the rental residential real estate market at scale. Prior to starting this venture, Chhajer worked with food-ordering app Runnr, while Dalmiya was with Roadhouse Hotels. Bhalla previously worked with Treebo Hotels.
StayAbode’s co-living spaces mixes small private spaces – a bedroom and bathroom, with communal areas – common rooms, games areas, common kitchens and living rooms, music and art corners, etc. The startup currently provides 950 beds live and is operating at 97% occupancy at 15 properties across Bengaluru. Further, it plans to expand to other cities in due course. Also, there are 12 more buildings which are due to be launched in Bangalore as the company goes deeper into micro markets.
With the current fund raise, the company plans to scale the business and create more supply as demand increases.
StayAbode competes with the likes of Tiger Global-backed NestAway, CoHo Stayz, Homigo, CoLive247.com, among others in this sector.