The company intends to invest the new funds to continue its expansion across the country. At present, it has over 500 properties spread across 10 cities and another 500 Zolos are planned to start operations to absorb future demand. It is also partnering with developers in conceptualising ‘built to suit’ co-living spaces to provide exclusive co-living campuses for people near their workplace. Zolo has more than 5 million square feet worth of ‘built-to-suit’ discussions underway.
“Zolo is now benefiting from the supply side disruptions as other unorganized operators are not able to sustain service levels in the tough environment. With scale, Zolo’s value proposition to both the customer and the asset owner would substantially increase due to the network effect - thus allowing Zolo to win a disproportionate share of the $20Bn managed living services market,” said Sameer Brij Verma from Nexus Venture Partners.
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