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03 Feb 2023, Edition - 2761, Friday

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Coimbatore

Zolo aims to reach 1,00,000 beds in student housing segment by 2024

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ZoloStays successfully increased the occupancy by 55% for its partnered institute NGI, Coimbatore

Bangalore: Zolo Stays, India’s largest co-living space backed by Investcorp, Nexus Ventures Partners, IDFC Alternatives, Trifecta Capital, and Mirae Assets witness a successful growth in the student housing segment at the Nehru Group of Institutions (NGI) and other institutions. After the tie-up with Zolo, the occupancy of NGI increased by 55% and revenue by 8% this year.

The company for its student housing hubs provides modern amenities such as well-appointed rooms, sports facilities, a gym, a modern kitchen, professional housekeeping, 24×7 security, etc. Zoloscholar currently has a tie-up with a total of 7 universities and b-schools across 9 cities viz. Bangalore, Chennai, Kota, Delhi NCR, Mumbai, Coimbatore, Pune, Gurugram, Noida, and Hyderabad for its student housing segment. The company has more than 12,000 live beds and locked-in 20,000 plus beds for the near future.

On this event, Mr. Nikhil Sikri, Co-founder & CEO, said, “Witnessing a 55% increase in the growth in a year is one milestone we have achieved, this has given us great confidence to envision the future growth in the student housing market. With the single goal of improving the student’s campus and hostel experience, we are consistently building processes and structures for all of our student housing partners. By the end of the next year, we will add more than 20,000 beds to our inventory with significant university players as we continue to expand our presence in this niche market. With Zolo Scholar we are incorporating students’ experience through tech and community!”

As per Dr. R. Moses Daniel – Principal of Nehru College of Management, “Zolo came up with a plan for running our hostels, which is one of the trickiest aspects of running a college. With them, everything just felt right. They were fully responsible for the entire experience, not just managing the kids’ stay. From building several recreational areas for students to offering laundry services, not to mention the regular student events and activities. I’ve noticed positive changes in the behavior and interests of the students. We have reached 100% occupancy, and Zolo made it possible, which makes me very proud.”

Zolo has raised a total of $98M in funding over four rounds. Their latest funding was raised in July 2020 from a Series C round. The company targets to make an entry into the international markets in Dubai, Indonesia, and Thailand within the student housing segment.

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