Truliv Secures $1.5 Million in Pre-Seed Funding to Fuel Growth in Co-Living and Holiday Homes Verticals
- ByStartupStory | June 22, 2023
Chennai-based co-living and holiday homes startup, Truliv, has successfully raised a pre-seed round of $1.5 million growth fund from a consortium of investors led by Conquest Global Ventures VCC and Vara Future LLP. The funding comes at a post-money valuation of ₹60 crore, marking a significant milestone for Truliv as the first co-living startup in Chennai to secure a seed round.
Founded in 2019 as a subsidiary of DRA, Truliv aims to redefine the alternate real estate class by providing innovative and modern living spaces.
With the newly acquired funds, Truliv plans to drive the expansion of its co-living and holiday homes business verticals. The company has set ambitious targets, aiming to reach 7,000 co-living beds in Chennai by 2025, tripling its current capacity, and establishing 36 holiday homes across Tamil Nadu by 2025, quintupling its present capacity.
Commenting on the funding, Rohit Reddy, Co-Founder of Truliv, expressed his vision for growth: “Truliv intends to utilize these funds for the growth of its co-living and holiday homes business verticals. The company targets to reach 7,000 co-living beds in Chennai by 2025, which is a 3X increase from its current capacity, and to 36 holiday homes across Tamil Nadu by 2025, which is a 5X increase from its current capacity.”
Recognizing the increasing demand for shared living spaces, Ranjeeth Rathod, Co-Founder of Truliv, stated, “The demand for shared living spaces is expected to rise significantly over the next few years. Housing models like co-living have seen increased demand and acceptance, especially from the millennials.”
According to a report by Colliers International, the co-living industry in India boasts over 50 operators, yielding an expected return of 7% to 9% and offering approximately 210,000 beds in the organized space. Rental prices for these spaces range between ₹8,000 to ₹14,000 per month. The organized players in the co-living industry hold a market value of around ₹25,000 crore, and the sector has witnessed over $900 million in private equity investments.
Several factors contribute to the demand for co-living spaces, including evolving workforce trends, an inefficient and unorganized sector, urban migration, and a growing student population. While organized co-living primarily concentrates in metro and tier-I cities, expansion is also taking place in tier-II cities. The Colliers report highlighted a 70% occupancy rate for the 210,000 beds during the fourth quarter of 2021.
Follow Startup Story
Related Posts
