The Indian Real Estate and Manufacturing sector is becoming non-existent or rather is going through its worst slump in years as it is stuck in a vicious loop of increasing prices and lack of demand. However, with the rise in the millennial workforce, especially in tier I urban cities have led to the rapid rise in co-living spaces. Co-living has become a trend among the young workforce as many of them move to the cities alone and prefer to live in a community like an environment wherein people share some common values and ideals.
Startups in the co-living market of India which includes OYO Life, Zolo, Stanza Living, NestAway, Simple Guest among many others have made various investments in the last few months in an attempt to seize the opportunity in the Indian property and housing sector.
Some of the prominent investments in the Co-living Startup space are listed below:
• In March 2019, Co-living Space Creator StayAbode Received Add-On Funding
• In April 2019, Co-living Startup House Got Backing From Abhishek Lodha, Pirojsha from Godrej
• In April 2019, Co-living Startup Colive Raised $9.2 Million From Salarpuria Sattva
• In August 2019, Real Estate Developer Puravankara Entered The Co-living Market
• In September 2019, NestAway Invested $10 Million In Co-Living Entity Hello World
• In November 2019, ZoloStays In Talks To Raise $100 Million Series C Round
The fact that co-living space are on the rise was further enumerated by the CEO and Founder of Colive, Suresh Rangarajan in a statement he initially made to Inc42. He said: “In a market such as co-living, demand is always prevalent under various segments. It is just about understanding the consumer mindset and getting him on board.”
The co-living sector in India is estimated to be around $120 Million and it is set to touch the $2 Billion mark by 2022 as the co-living sector is likely to become more formalized pertaining to the investments that are being made in recent times.