Truliv raises $1.5 mn from Conquest Global Ventures VCC, Vara Future LLP, others
This is the first Chennai-based co-living start-up to raise a seed round. Blue Koi Advisors acted as investment bankers and promoter advisors for this transaction.
CHENNAI: Truliv, a Chennai-based co-living and holiday homes start-up, successfully raised a pre-seed round of $1.5 million Growth fund from various investors led by Conquest Global Ventures VCC, Vara Future LLP, and others.
This is the first Chennai-based co-living start-up to raise a seed round. Blue Koi Advisors acted as investment bankers and promoter advisors for this transaction.
Coliving is an alternate real estate offering that offers high-quality, well-located shared rental accommodation. This is driven by millennials who want convenience and ease of living. Coliving is convenient as it provides a desirable house at affordable costs and a much-needed community living experience. As corporate India moves to a hybrid work style, the young workforce will always seek options and better living spaces that allow WFH to run smoothly.
Coliving demand is set to grow 10x within the next decade and is expected to double by 2024 from current levels as per the latest Colliers reference. The coliving model is set to solve the affordable housing problems at least for the young workforce who can find plug and play accommodation.
A report by Colliers International indicated that there are currently 50 plus operators in the co-living space, getting an expected yield between 7 to 9%, with approximately 210,000 beds in the organised space with rental ranges between Rs. 8,000 to 14,000 per month. The market value of organised players in the co-living industry is around Rs 25,000 crore and this sector has seen PE investment of over $900 mn.
Rohit Reddy, co-founder, Truliv said, “Truliv intends to use these funds for the growth of its co-living, and holiday homes business verticals. The company targets to reach 7,000 coliving beds in Chennai, by 2025, which is a 3X increase from its current capacity, and to 36 holiday homes across TN by 2025 which is a 5X increase from its current capacity. Our scale-up plan for coliving and holiday homes is backed by the demand we see in this space.”