New Delhi, Sept. 4 -- Colive has entered into a strategic partnership with Bain Capital and Sattva Group to launch a pan-India co-living real estate platform with an initial commitment of at least $100 million (Rs 880 crore).
The platform will acquire land, and develop and deliver rental housing across major Indian cities to meet growing demand from young professionals and students for community-driven living spaces, Colive said in a statement
As part of the partnership, Colive has raised $20 million from Bain Capital and long-term partner Sattva Group. It will use the capital to enhance technology infrastructure and expand its market presence.
"This funding represents a pivotal moment in Colive's journey to revolutionize urban living for young professionals throughout India," said Suresh Rangarajan, founder and chief operating officer of Colive.
To be managed by Colive, the new PropCo platform has already completed land acquisitions in Pune and Bengaluru, with nearly 0.5 million square feet of co-living spaces under development. It is also looking at opportunities in Bengaluru, Pune, and Hyderabad, and aims to launch 8-10 flagship developments in the near term.
"India is experiencing a fundamental transformation in urban housing preferences, and Colive stands uniquely positioned to address this surging demand through technology-enabled, community-focused living solutions," said Sarit Chopra, partner at Bain Capital.
Commenting on the partnership, Bijay Agarwal, managing director of Sattva Group, said, "At Sattva, we have long believed that co-living is a critical enabler of India's urban transformation. We have deepened our partnership with Colive significantly over the last few years, which reflects our conviction that this sector holds immense potential. While demand from young professionals migrating to cities is robust, the real challenge lies in creating quality supply that matches their aspirations and lifestyle needs."
Published by HT Digital Content Services with permission from VC Circle.