CoHo Stayz is a tech platform that is owned and operated by a hostel and apartment rental listing website, Zocalo. The startup offers managed apartments and villas in the Delhi NCR region for long stays and charges a rent of Rs 13,000- Rs 25,000 depending on the type of accommodation selected.
For young professionals, it brings fully-furnished home stay with a community of like minded people. The startup aims at providing a hassle-free living experience to its users.
For property owners, it acts as a property manager, helping them with furnishing the property, good upkeep and maintenance and provide them to a pre-verified tenant.
Quality, hassle-free co-living spaces for young working professionals and university students in India has been an under-served need for long, despite having a huge market. CoHo Stayz is trying to cater this problem with its managed apartments and villas at affordable price points.
Zocalo.in, had raised an angel round few months back from a group of well-known entrepreneurs and investors such as Rajesh Sawhney (Founder-GSF Accelerator), Sachin Bhatia (Co-Founder, MakeMyTrip & TrulyMadly), Sidharth Rao (Founder, Webchutney.com), Mahesh Parasuraman (Ex-MD, Carlyle PE), Dheeraj Jain (UK-based hedge fund manager) amongst others.
The Gurgaon-based venture is currently in talks with few VC’s to raise its Series A funding round to support its expansion plans. It is also planning to launch CoHo Partners for properties aggregated from third-party operators and would act as the branding and marketing partner.
CoHo Stayz competes with Bangalore-based online home rental marketplace for singles, Nestaway which had raised around $12 million in funding from Flipkart and Tiger Global Management. The Indian online real estate sector is also dominated by 99acres, MagicBricks. PropTiger, CommonFloor, Housing.com and IndiaProperty among others.
As per IBEF report, India’s real estate market is expected to reach $180 billion by 2020 from $ 93.8 billion in 2014.
Talking about the market size, Uday told iamwire that, “We are catering to a market size in excess of $15 billion for rental, shared and studio apartments. This is for India’s top 8 cities alone. Co-living concept a huge upcoming success already in the West (both US and UK). We are pioneering it in India.”