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Truliv, a Chennai-based co-living and holiday homes startup, raised a pre-seed round of USD 1.5 million Growth fund from various investors led by Conquest Global Ventures VCC, Vara Future LLP, and others at a post-money valuation of Rs 60 crore.
Coliving is an alternate real estate offering that offers high-quality, well-located shared rental accommodation. This is driven by Millennials who want convenience and ease of living. Coliving is convenient as it provides a desirable house at affordable costs and a much-needed community living experience.
A report by Colliers International indicated that there are currently over 50 operators in the co-living space, getting an expected yield between 7 to 9 per cent, with approximately 210,000 beds in the organised space with rental ranges between Rs 8,000 to 14,000 per month. The market value of organised players in the co-living industry is around Rs 25,000 crores and this sector has seen PE Investment of over USD 900 million.
Speaking on the funding, Rohit Reddy Co-founder, Truliv said, “Truliv intends to utilise these funds for the growth of its Co-living, and Holiday Homes business verticals. The company targets to reach 7000 Coliving beds in Chennai, by 2025, which is a threefold increase from its current capacity, and to 36 Holiday Homes across Tamil Nadu by 2025 which is a fivefold increase from its current capacity. Our scale-up plan for Coliving and Holiday Homes is backed by the demand we see in this space. Coliving has immense potential since it is flexible, convenient, and social. Truliv will en vigor to be at the forefront of India’s growth story by providing alternative and convenient solutions for the future.”
Incorporated in 2019, Truliv is a subsidiary of DRA created for the purpose of redefining alternate real estate class. Truliv provides housing and community solutions for all demographic populations of India right from millennials to retired people.