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Zolostays has raised $7 million from Trifecta Capital

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Zolostays has raised $7 million from Trifecta Capital.The company last raised $30 million from Nexus Venture Partners, IDFC Alternatives and Mirae Asset in January. 

“We will utilize these funds to further our investments in capital expenditure, product innovation and expand to newer cities in the new year aggressively,” said Nikhil Sikri, CEO and cofounder, Zolostays. 

The firm competes with Oyo’s Life brand, StanzaLiving, and Nestaway-owned Hello World. Last month, Zolostays  appointed Sidhartha Mehra from Jupiter Capital as chief financial officer. 

According to Nilesh Kothari, Managing Partner, Trifecta, Zolostays is likely to achieve profitability in the next 18 months. 

Zolostays manages more than 400 properties across 10 cities, including Bengaluru, Chennai, Kota, Pune, Gurugram, and Hyderabad, with 45,000 beds. In Bengaluru, for instance, rent per bed averages Rs 10,000. 

“With urbanization, young people’s desire for community as well as opportunity to live and work in different cities are boosting demand for communal residential space,” Sikri said. 

ALSO READ: Starwood Capital Group Acquires £200m UK Urban Industrial Portfolio

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