CoLife Advisory Pvt. Ltd, which operates a network of shared living and working spaces under CoLive247.com and CoWork247.com, has raised $1 million in seed funding from a group of undisclosed angel investors.
The startup will use the funds to support its growth plans in the coming months. CoLife is targetting 10,000 keys within the next couple of years. It also plans to expand its operations to Hyderabad, Pune, and Gurugram after consolidation in Bengaluru.
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.
Suresh Rangarajan, founder and Director, CoLife said,
“The satisfaction of staying in a community full of like-minded youngsters with fully furnished spaces is a dream come true for this segment. Add to this the convenience of a single and affordable payment to take care of rent, maintenance, utilities, and other services are some of the key reasons driving our frenzied customer acquisition and enrollment.”
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.
CoLife is also working on the blueprint of a SaaS-based app and inventory management system that shall help organise and streamline the currently unorganised PG market.