CoLife Advisory Pvt. Ltd, which operates a network of shared living and working spaces under CoLive247.com and CoWork247.com, respectively, has raised $1 million (Rs 6.7 crore) in seed funding from a group of undisclosed angel investors.
The Bengaluru-based company will use the capital to expand its operations to Hyderabad, Pune and Gurgaon, it said in a statement.
The company claims to operate co-living and co-working spaces across 15 properties in Bengaluru, housing about 1,000 people and 25 startups and small and medium enterprises.
Its shared living offering, CoLive247, leases an entire building or clusters of five to 20 apartments in a building on a long-term basis, furnishes the spaces and rents out beds on a single- or double-sharing basis to bachelor men, women, and live-in and newly married couples.
CoWork247 rents out fully furnished work spaces to SMEs and startups. It manages security and housekeeping and offers a host of other facilities such as conference rooms, Internet, electricity, and accounting and cash management services.
The company, founded by Suresh Rangarajan, has been in operation for over a year now. Rangarajan worked with Citigroup and Times of Money in the past and owns a real estate development company named Artha Group.
The idea of co-working and shared living spaces has evolved over the past few years in India, where most metro cities offer such services now. New-age co-working firms do not limit their business just to providing co-working spaces but rather serve as startup hubs running incubators and accelerators. At times, they also provide investments to startups.
Delhi-based 91springboard, a firm that provides co-working spaces to startups, had recently raised an undisclosed amount of funding from Khattar Holdings, ThirtyThree Investments and others. Launched in 2013, 91Springboard first began its operations in Delhi and has since moved to Gurgaon, Noida, Hyderabad, Bengaluru, Navi Mumbai and Mumbai.
Another co-working space provider BHIVE raised about $1 million in a funding round led by Blume Ventures in May. It had raised an undisclosed amount in angel funding from a bunch of investors in February.
Mycuteoffice, Innov8, Nasscom Startup Warehouse and Kochi's Startup Village are similar space-sharing hubs for startups. In May 2015, Mycuteoffice raised an undisclosed amount of angel funding.
In addition, some established venture capital firms, too, are launching co-working centres in the country.
Mumbai-based early-stage venture capital firm White Unicorn Ventures rolled out its first incubation co-working space called ‘Unicorn Growth Centre’ in May.
In April last year, global venture capital firm Matrix Partners’ Indian unit tied up with developer K Raheja Corp to launch a co-working space called ‘The Space’ in Powai, Mumbai for startups.
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