Zolostays looks towards Credit Suisse to reach $100M in funding

Zolostays is planning to boost its portfolio by the end of 2021, according to Co-Founder and CEO, Nikhil Sikri.

Nexus Venture Partners-backed co-living space provider Zolostays is in talks with Credit Suisse to raise around $100 million to fund its expansion plans, a top company official said.

The Bengaluru-based firm is planning to increase its portfolio to 2 lakh (200,000) beds by the end of 2021, Zolostays Co-Founder and Chief Executive Nikhil Sikri told PTI.

"We are in talks with Credit Suisse to raise $100 million in Series C round to fund our expansion plans to increase the number of beds to 2 lakh (200,000)," he said, adding the company will also increase its headcount.

However, Nikhil didn't offer any timeline for the funding plan.

In January this year, Zolostays had raised $30 million in Series B funding round led by IDFC Alternatives, Mirae Asset, and Nexus Venture Partners.

Founded in 2015 by brothers Nikhil and Akhil Sikri, the company had raised $5 million in Series A round led by Nexus Venture Partners.

Currently, the shared space market is estimated at around 10 million beds and the organised sector, which includes co-living service providers, contributes under one percent.

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