Co-living startup CoHo is in talks with strategic investors and financial institutions to raise Rs 70-100 crore to expand its presence in the country, and reach one lakh beds over the next three years, its founder and CEO Uday Lakkar said.
The company, which started in 2015, currently has about 3,500 beds mainly in Delhi-NCR and Bengaluru, and another 10,000 beds would be launched soon.
The founder said the company would set up co-living facilities in four metros – Bengaluru, Chennai, Hyderabad, Pune – and other major urban cities.
Lakkar said the company has already achieved break-even at the property level and would be profitable at the entity level in the next financial year.
He said the company’s propriety technology stack will play a huge role in rapid growth, driven by machine learning, Internet of Things (IoT), artificial intelligence, data and predictive analytics around consumer behaviour.
CoHo provides rental accommodations to both students and working professionals. It caters to retail as well as premium institutional clients like IIT Delhi, Pearl Academy, Indian School of Hospitality (ISH) and Max Healthcare, amongst others.
Recently, many other real estate developers like Embassy, Puravankara, Salarpuria Sattva, Tribeca and BDI group have decided to enter the co-living business.
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