Bain Capital and Sattva Group Launch USD 100 Mn Co-Living Platform Colive also secured USD 20 million in strategic funding led by Bain Capital with continued support from Sattva Group.
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Bengaluru-based co-living operator Colive has entered into a strategic partnership with Bain Capital and Sattva Group to set up a coliving real estate platform. The startup has also secured USD 20 million in strategic funding led by Bain Capital.
Under the partnership, Colive will operate the platform, which has received a commitment of USD 100 million. Bain Capital is the lead fund manager, with Sattva Group funding the entity and also providing its real estate and construction expertise.
The company told Entrepreneur India that as an operator, Colive identifies land, does feasibility to ensure success of the property, and works on specifications and design and ensures furnishing and then takes responsibility for end-to-end operations, marketing, and sales.
According to the coliving firm, the platform has already completed initial land acquisitions in Pune (Hadapsur/Upper Karadi) and Bengaluru (Whitefield), covering nearly 0.5 million square feet of co-living space currently under development. Colive performed the identification and building pipeline of assets, feasibility studies, competition mapping, and deal closure.
Additional projects are being evaluated in Bengaluru, Pune, and Hyderabad, with 8 to 10 flagship developments planned in the near term, the company told Entrepreneur India.
The platform will offer fully furnished and intelligently designed living spaces located near key employment and educational hubs, addressing the housing needs of India's growing urban migrant population.
Colive claims that it currently manages over 14,000 beds across India and has a user base of around one million. The company aims to scale to 50,000 managed beds within the next five years.
Founded in 2016 by Suresh Rangarajan, Colive takes entire buildings or properties that have typical studio/hotel-typeroom configurations and operates the same as serviced living units and rents on a long-term basis to young migrant professionals. Real estate plus services is what is offered to such customers.
"Unlike other competition, Colive does not take partial inventory or inventory in gated societies or take 2/3 bed units and stays focused on full buildings with specific studio with attached bathroom configurations, making it better in terms of operations and providing services. Plus, all services are always bundled in, unlike the competition that provides select services," the firm explained.
