ZoloStays Raises $5 Million in Series A Funding Led By Nexus Venture Partners

ZoloStays Property Solutions, which owns and operates managed accommodation platform Zolo has raised $5 million in Series A funding led by existing investor Nexus Venture Partners. The series-A round also includes a venture debt component of Rs 4.5 crore, extended by venture debt firm InnoVen Capital.
The investment raised will be utilised to reach over 12,000 beds, up from the current 5,000 beds, and also expand to Chennai and the National Capital Region by the end of this year, the company said.
Founded in Septmeber 2015 by Dr. Nikhil Sikri and Akhil Sikri, Zolo partners with real estate builders to offer working professionals affordable, fully managed accommodations, ranging from Rs 5,000-17,000 per month, which includes food, utilities and housekeeping, through an integrated app based technology platform at locations near large office clusters in tier 1 cities.