An­gels Help Stay Abode with Fresh Fund­ing

The Economic Times - - Disruption: Startups & Tech - Supraja.Srini­vasan@ times­group.com

Mum­bai: Stay Abode, which builds co-liv­ing spaces, has raised an undis­closed amount in an an­gel round from a con­sor­tium of in­vestors led by Is­han Manak­tala, COO of CoreOne Tech­nolo­gies; and Angie Mah­taney, CEO at K Mo­han Ex­ports. Gau­rav Bhalo­tia, Ex-VP En­gi­neer­ing at Flip­kart; Vishal Lulla, CEO, Vishal Ex­ports; and a group of in­vestors from Let­sVen­ture also par­tic­i­pated in the round. Stay Abode works on a full-in­ven­tory model leas­ing the spaces for a 5-10 year pe­riod of­fer­ing ser­vices in­clud­ing house­keep­ing, se­cu­rity and com­mu­nity events apart from hous­ing fa­cil­i­ties. Stay Abode will use the funds to ex­pand to other cities in­clud­ing Pune, Mum­bai and Delhi. The com­pany charges between ₹ 12,500/bed and ₹ 35,000 for a oneBHK apart­ment. With an av­er­age rental value of over ₹ 14,000, Stay Abode claims to be func­tion­ing at a 98% oc­cu­pancy level. Vi­ral Ch­ha­jer, co­founder of the firm is not per­turbed by the re­cent tur­moil in the space in­clud­ing the shut down of Stayzilla. “The need of the hour is to build a cap­i­tal ef­fi­cient busi­nesss. Our rentals are pre-paid and so we are a cash rich busi­ness,” he says.

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