BENGALURU: Co-living operator StayAbode Ventures has partnered with CP Developers to set up the world’s largest co-living project in Bengaluru. The A-grade project in the Whitefield suburb will have space for 1,400 people to live in a community environment. “We are expecting to go live with this project by September 2020 and are on track to have a community of over 35,000 millennials across all our facilities, living with us by December 2021,” said Viral Chhajer, cofounder of Bengaluru-based StayAbode. “Given how nascent the asset class is, we’re scaling supply with similar partnerships while continuing to innovate and become the most efficient operator of the asset in the industry,” he said. Co-living is a new concept of where the living space is shared by residents who have similar interests and values. StayAbode currently has 1,350 beds in Bengaluru and is operating at 97% occupancy. The company also plans to venture into cities like Hyderabad, Chennai and Pune. “We believe this will be a long-term strategic partnership to create similar spaces across ,” said Maninder Singh, director of city-based CP Developers. The co-living operator is in talks to raise a second round of funding to expand its presence to more cities. “We are talking with investors to raise around $3-5 million (Rs 22-36 crore) and hope to close the deal soon,” said Chhajer. The company had raised $1million in the last yearand-a-half. Its investors include Japanese funds and angel investors Incubate Fund; Vineet Sekhsaria, head of at Morgan Stanley; and Mridul Upreti, former joint managing director of JLL India.
CP Developers and StayAbode Ventures are to collaborate to launch the world's largest co-living project, which will host 1,350 people. It will be located in the Whitefield suburb of Bengaluru and is due to open by September 2020. Co-living brand StayAbode aims to have a community of 35,000 across its co-living facilities by December 2021. It currently has 1,400 beds, at 97% occupancy, in Bengaluru, and it hopes to open spaces in Hyderabad, Chennai and Pune after a planned second funding round. StayAbode's current investors include JLL India and Morgan Stanley.