We are looking to add 15,000 beds break-even by the next financial year: Suresh Rangarajan, Founder, Colive
In 2018, the company generated a revenue of Rs 11 crore and currently is at a run-rate of Rs 40 crore. Suresh Rangarajan K, Founder of the company says that they are looking to break-even by the next financial year. CoLive, a Bengaluru-based co-living company, plans to add 15,000 beds by 2019-end, said Suresh Rangarajan K, founder of the company. Suresh talked about the change happening in the co-living sector and its plan to thrive in the industry. Started in 2016, CoLive currently maintains about 10,000 plus beds and has 125 employees.
The company raised $3 million in 2018 and operates in Bengaluru, Chennai and Hyderabad. “We started operation in February 2019 in Hyderabad,” said Suresh. The company works as an operator and generates its income from rent, service charges and handling charges from the tenants. For the supply, it works on ‘minimum guarantee rent and revenue sharing’ model. “The rent is shared between builders and us in 80: 20 ratio on an average,” said Suresh. In 2018, the company generated a revenue of Rs 11 crore and currently is at a run-rate of Rs 40 crore. Suresh says that they are looking to break-even by the next financial year. According to him, they have seen three times growth. In August 2018, we had less than 3,000 beds and now in February we crossed 10,000 beds.