India: Nexus Venture leads $5m funding round in Zolo Stays

Photo: Mint

Bengaluru-based paying guests service provider Zolo Stays has raised $5 million in Series A funding led by existing investor Nexus Venture Partners.

The funding round also includes venture debt from Innoven Capital.

The startup plans to use the latest capital raised to increase its reach from 5,000 locked-in beds to over 12,000 beds and expand to Chennai and NCR by the end of this year, the company said, in a release.

Founded in 2015, Zolo offers  branded paying guest accommodation with daily meals, housekeeping, Wi-Fi, through an integrated app based technology platform at locations near large office clusters in tier 1 cities.

“We believe there is a large market gap in the managed affordable living space targeted at students and young professionals moving into larger cities for employment and education opportunities. Zolo’s first principles approach to building a scalable cost-effective execution engine managed by their strong technology platform has allowed them to emerge as a leader in the market in a short duration,” said Sameer Brij Verma of  Nexus Venture Partners.

Zolo further said it also has a healthy pipeline of “built-to-suit” managed accommodation properties under development where land owners are partnering with Zolo to manage them on an end-to-end basis and share profits.

Nexus Venture Partners is an early-stage investor with investment size ranging from $500,000 to $10 million in early-growth stage companies in the US and India. It has invested in over 70 companies so far including Snapdeal, Runnr, Craftsvilla, Housing and Dhruva.

It recently put in $7 million as follow on investment in Bengaluru- and Austin-based startup Postman, a platform that helps developers build, test, document, and share their APIs at a faster pace.

Also Read:

India: Postman raises $7m Series A funding from Nexus Venture Partners

India: Insurance seller Turtlemint raises seed funding led by Nexus Ventures

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.