In­cu­bate Fund Helps Co StayA­bode

In­vestors in­clud­ing Le­gacy Global Projects’ Shenoy and ex-JLL In­dia’s joint MD also pitched in

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

Mum­bai: Ben­galuru-based StayA­bode, which helps build co-liv­ing spa­ces, has raised an undis­closed amount from In­cu­bate Fund and a clutch of in­vestors from the real es­tate in­dus­try, in­clud­ing San­jay Shenoy, MD of Le­gacy Global Projects and Mridul Upreti, for­mer Joint MD of JLL In­dia.

The round also saw par­tic­i­pa­tion from ex­ist­ing in­vestors in­clud­ing Gau­rav Bhalo­tia, for­mer VP of en­gi­neer­ing at Flip­kart; Vishal Lulla, Vishal Ex­ports CEO; and a group of In­vestors from Let­sVen­ture. StayA­bode had raised an undis­closed amount in its an­gel round in February, as re­ported by ET. The cur­rent round has seen the val­u­a­tion of the com­pany grow three times from its pre­vi­ous round, StayA­bode said, de­clin­ing to share de­tails. Some ex­ist­ing in­vestors from Ven­ture Vida, which led the pre­vi­ous round, have ex­ited the com­pany through sec­ondary share trans­ac­tions this time. StayA­bode works on a full-in­ven­tory model leas­ing hab­it­able spa­ces for a 5-10 year pe­riod, of­fer­ing ser­vices in­clud­ing house­keep­ing, se­cu­rity and com­mu­nity events apart from hous­ing fa­cil­i­ties. The cap­i­tal raised in this round will be used to scale the busi­ness by strength­en­ing the tech­nol­ogy back-end and the team. StayA­bode claims a monthly growth rate of 30% since February and is tar­get­ing to in­crease its bed count to1,200 by FY18 end. The firm of­fers over 260 bed units spread over five prop­er­ties across Ben­galuru and has plans to ex­pand to other cities in­clud­ing Pune, Mum­bai and Delhi.

“In­cu­bate Fund, with their vast pres­ence and strong net­work across South East Asia, will bring on board a more global per­spec­tive to the co­l­iv­ing phe­nom­e­non, while San­jay Shenoy and Mridul Upreti, with their deep un­der­stand­ing of the real es­tate space, will play a key role in the sup­ply front of things for us,” said Vi­ral Ch­ha­jer, CEO of StayA­bode.

Cur­rent round saw val­u­a­tion of the co grow three times

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.