Bengaluru-based co-living startup Zolo recorded a 2.2X growth in revenue to Rs 98.95 crore in FY23 with more than Rs 95 crore coming in from operations. The preceding year, the company saw a revenue of Rs 44.9 crore with revenue from operations contributing over Rs 40 crore.
Established in 2015 by Nikhil Sikri, Sneha Choudhry, and Akhil Sikri, Zolo provides hygienic and premium co-living spaces to students, professionals, and organizations. It currently is spread across 10 cities.
In FY23, the company’s expenses rose 1.5X to Rs 167.9 crore as compared to the preceding year’s Rs 112.4 crore. It spent over 42% on employee benefits and close to 3% of the total expenses on legal and professional charges in the fiscal year ending March 2023.
The hospitality company saw losses amounting to approximately Rs 69 crore with EBITDA margins standing at -53.95% and ROCE at -66.63%.
With a current valuation of Rs 1,407.3 crore, Zolo has raised a total of Rs 863.2 crore over 10 funding rounds. Its latest round was held on October 2022 and saw Coliving Parent as the lead investor. It previously raised over Rs 60 crore in an extended Series C round led by Nexus Venture Partners.
Post the round, Nexus Ventures holds over 30% of the company shares while founders Nikhil Sikri and Akhil Sikri hold over 14% and 7% of the company respectively.
It currently competes against the likes of Stanza Living, Colive, Ishtara, and Grexter.