CoLive the Bengaluru-based firm is planning expansion and the addition of 15,000 beds by the end of 2019 is on cards for them, Suresh Rangarajan K, founder of the company said.
The company was founded in 2016, and currently has more than 10,000 beds and employee strength of nearly 125. CoLive raised $3 million in 2018 and is functional in Bengaluru, Chennai and Hyderabad. They started operations in Hyderabad from February 2019, the founder informed.
CoLive works as an operator and it gains income from rent, service charges and handling charges from the tenants. They also work with the landlords and developers on the basis of minimum guarantee rent and revenue sharing model.
Suresh Rangarajan K said that on an average we share the rent with developers and landlords in the ratio of 80:20.
Last year, the firm generated a revenue of Rs. 11 crores.
The founder said that they are looking forward to break the last year’s revenue record in the next fiscal year. He also said that the company has grown three times in the past six months as in August 2018, the company has beds less than 3,000 beds but now they have more than 10,000 beds.
The company plans to offer the assured rental scheme to the developers and also would like to suggest them to construct compact properties.
Suresh Rangarajan K feels that the company will yield better returns as he sense the mood of both, the market and people looking for a CoLiving space.