India, April 11 -- Bengaluru-based coliving spaces provider Zolo is set to sell its student accommodation business to Mumbai-based Good Host Spaces Management Services for INR 107.8 Cr (around $12.5 Mn) via a slump sale.

The board of Zolo approved the startup's proposal to sell its student accommodation vertical to Good Host Spaces on February 10, as per regulatory filings accessed by Inc42.

The transaction will be a mix of cash and debentures, with 90% of the consideration (INR 97.02 Cr) payable in cash, while the remaining 10% (INR 10.78 Cr) will be paid in the form of optionally convertible dentures (OCDs).

Inc42 has reached out to Zolo for comments on the development. The story will be updated based on the response.

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