Sacorooms, a start-up that is building co-living spaces, has closed a pre-Series A round of funding for an undisclosed amount from Mr. Broadway. The investment comes after a strategic round led by Incubate Fund and a group of investors from the real estate industry this year.
The funds are being used to scale the business and create more supply as demand increases. Sacorooms currently has 260 beds live and is operating at 94% occupancy at 45 properties across Bengaluru and has plans to expand to other cities in due course. 50 more buildings are due to be launched in Bangalore as the company goes deeper into micro markets. The company continues to be operationally profitable.
Co-living is gradually becoming the preferred way of living for several reasons - saves money, is more fulfilling than living alone, people want to make/have friends to share common interests with and it's easier to move in when shifting to a new city.
Mr.Kali Prasad Rath, Founder, Sacorooms, says, "We're excited to partner with investors that believe that co-living is the future of residential real-estate for millennials and see this as an opportunity to create a new asset class in real estate investing. Each of our investors brings on-board a unique perspective to our vision of redefining the way millennials live in our cities. Capital raised now will be primarily used to make key hires across verticals and set the base for our expansion into our cities across the country".
Mr. Broadway, says, "We're thrilled to partner with Viral and his team to support the growth of Sacorooms. Co-living space is not just financially attractive but will also enable millennials to have a more fulfilling and delightful living experience through bonding and social activities. We look forward to boosting this delight to the next level by offering our expertise in the entertainment-related field".
Mr.Kali Prasad Rath, Founder, Sacorooms, ads "Given land prices in the country, co-living is perhaps the only solution to India's affordable housing woes. Co-living allows millennials to buy into a meaningful lifestyle without the hassle that comes with renting and without compromising on location and affordability in case of buying. Space is set to explode much as co-working has and so I am excited to back Sacorooms with its excellent execution track record".
Sacorooms - Is leveraging technology, design, service, and brand to build co-living spaces for the rental residential real estate market at scale. Sacorooms's co-living spaces mix small private spaces - a bedroom and bathroom, with communal areas - common rooms, games areas, common kitchens, and living rooms, music and art corners etc. At these co-living spaces, one doesn't need to be bothered about managing a household. Where - utility bills are paid, housekeeping is done, linen washed and where one cooks only when one feels like. At these co-living spaces, one can connect with like-minded people.
Is one of the pioneers in this segment offering some of the finest service apartments in Bangalore, we offer safe, secure and economical Serviced apartments/accommodations in Bangalore India, are it for work or for pleasure. Service Apartments are fast emerging as preferred choices of long-stay.
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Sacorooms was founded in January 2018 by Kali Prasad Rath, who has strong backgrounds in marketing, technology having founded start-ups and previously worked for Multiple Company with 12 Years Work Experience.