In a statement, the company said it had partnership with Ben Capital and Sattva Group to establish a Pan-India co-living real estate platform with an initial commitment of at least $ 100 million.
The platform will receive land, develop communities and deliver purposely built rental housing in India’s largest urban centers.
“As part of the partnership, Colive raised $ 20 million in strategic funds led by Ben Capital, with the strong support of the long -term partner Sattva Group,” the statement said.
The Colee will use $ 20 million for its business development.
The platform, operated by Colee, has completed the initial land acquisition in Pune and Bengaluru, which has about 0.5 million square feet of colliving spaces under development.
He is also looking for opportunities in Bangalore, Pune and Hyderabad.
Bijay Agarwal, MD of Sattva Group, said, “In Sattva, we have long believed that co-living is a crucial capable of urban change of India. We have significantly enhanced our partnership with the college over the past few years, which reflects our assurance that the sector is very likely.
While demand is strong from young professionals migrating to cities, the real challenge is created quality supply that matches their aspirations and lifestyle needs, he added.
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Colee has 14,000 managed beds and plans to expand up to 50,000 beds in the next five years.
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