Besides Investcorp, Nexus Ventures Partners, Mirae Assets and Trifecta Capital, among others, participated in the funding round, taking the total capital raised by the company to USD 90 million, Zolostays said in a statement.
“Zolo will deploy the new funds to invest in technology, locking in more inventory and strengthening AI-driven operating platforms,” it said.
Founded in 2015, the company currently has over 40,000 beds in its portfolio, spanning over 10 cities.
The company also intends to invest the funds to continue aggressive growth across the country.
“We are creating a personalized living experience keeping the customer at the core. It allows them to personalize the way they live and work, all on their terms. We partner with them as they rewrite their own story and re-imagine life,” Zolostays co-founder and CEO Nikhil Sikri said.
Commenting on the development, Sameer Brij Verma from Nexus Ventures said, “We have backed the company in each round since inception. Zolo is now benefiting from the supply side disruptions as other unorganized operators are not able to sustain service levels in the tough environment.”
Zolostays is also partnering developers in conceptualizing ‘built to suit’ co-living spaces and has more than 5 million sqft of area under discussions with realty players, the statement said.
“Zolo is soon launching a uber-premium brand extension called Zolo Red Carpet. These micro-living spaces will provide an elite experience which will include wellness studios, all-day in-house cafes, workspaces, exquisite decor, and concierge services,” the company said.