Colive - Transforming Urban Housing through Chic Co-living Spaces

Given the increasing cost of property in metro cities, co-living is probably the most cost-effective way of living in urban areas without having to compromise on modern amenities. This is the reason why co-living spaces are getting popular especially among youth. With the increasing number of youth moving out of their hometowns for studies or work, the concept of co-living is fast gaining popularity in India.

According to a Cushman & Wakefield India report, Co-living market size across India’s top 30 cities is expected to grow more than double by 2025 to $13.92 billion from current $ 6.67 billion. To meet with this trend, Colive, a startup in Bangalore has come up with fully managed and technologically equipped rental co-living spaces, to make living comfortable, safe and affordable. Here is how Colive was started and how it is transforming urban housing in India. We interviewed Colive founder Suresh Rangarajan K to know about this fast growing coliving startup.

Colive - Company Details

Startup Name Colive
Headquarter Bangalore
Founder Suresh Rangarajan K
Sector Co-living
Founded 2016
Parent Organization CoLife Advisory Pvt. Ltd.

What is Colive
Founders of Colive and Team
How was Colive Started
Colive - Name, Tagline, and Logo
Colive USPs
Colive - Business Model and How it works
Colive - Revenue Model
Colive - Funding and Investors
Colive - Advisors and Mentors
Colive - Startup Challenges
Colive - Competitors
Colive - Growth
Colive - Awards
Colive - Future Plans

What is Colive

Colive is a Bangalore based co-living space provider. Colive offers ready to move-in co-living spaces, which are located near IT parks and business hubs. These homes are chic and equipped with modern tech-enabled safety features. Besides, all homes are fully serviced and professionally managed, and offers flexible and affordable options suitable for urban living. These co-living spaces are designed especially for single professionals & young couples who prefer living in a social community of like-minded millennials.

Colive is driven by the vision to get established as India’s No.1 Coliving brand offering technology enabled, fully-managed homes for millennials & Gen Z in urban markets.

Read More Latest News and Updates about Colive Here

Founders of Colive and team

Suresh Rangarajan K is the Founder and CEO of Colive.

Suresh  Rangarajan K is an alumnus of Yale School of Management. He is a chartered accountant and serial entrepreneur. Prior to founding Colive, he was also a part of the founding team of TimesofMoney.com and Artha, a real estate enterprise. Under his enterprising leadership, remit2india.com went on to become the world’s #1 online money transfer portal & one of the most successful internet businesses in India.

Other core team members of Colive team are-

Arun Singh – Chief Investment Officer. Arun has worked in the Indian Equity Markets for over 2 decades which provided him a ring side view of the transformation of Indian economy. His last stint was at Alchemy, a boutique equities brokerage firm focused on Institutional and Ultra HNI investors. He was also part of the founding team at a startup before embarking on his journey of curating emerging businesses to bootstrap in his individual capacity.

Saurav Swami – VP, Alliances. Saurav looks after Corporate tie -ups and partners for built-to-suit coliving buildings.

How was Colive Started

During his stint at Artha, Suresh realized that India’s real estate sector has great potential. He noticed the housing challenges being faced by the millennials in India, and to solve the same he started Colive. The idea behind Colive was simple – to offer an effective solution to urban India’s housing owes.

"Even though property prices have gone down in the last decade, affordable housing remains a myth in India. Renting a 2BHK flat in any metropolitan city is impossible for many, especially for those who have just begun their career. Realizing this gap, I decided to launch Colive which provides affordable, convenient, fully-amenitized and managed accommodations while taking a deposit of only 2-months’ worth of the respective rents, as opposed to the standard range of INR 60k- INR 1,00,000." said Colive owner Suresh Rangarajan K explaining the idea behind starting Colive.

The name Colive is derived from co-living. The company’s tagline- 'Colive your way' embodies the sense of co-living with the independence of living the way one wants to live and has the freedom to make their own life choices. Colive Community is a non-judgmental society that respects an individual’s life choices and celebrates their differences which is showcased in the logo people peacefully co-exist.

Colive Logo
Colive Logo

Colive USPs

1.Style

  • Modern Furnishing
  • Cinema and Sports Arena
  • Fitness and games room
  • Modern Storage Space
  • Self cooking equipment
  • Community kitchen

2.    Safety

  • Facial recognition based key management  
  • CCTV and Video Surveillance
  • Emergency response team.  

3.    Service  

  • Professional House Keeping
  • High-Speed Internet
  • On Demand Maintenance Support  
  • Power back-up

4.    Savings  

  • Affordable rentals
  • Flexi Lockin
  • Installment facility

5.    Smart

  • Skype booth
  • Co-working space
  • Digital door locks

6.    Social  

  • Networking
  • Free holiday once a quarter
  • Invitation to exclusive events and parties.
"We launched Colive in Bangalore given the city’s universal appeal. Home to numerous IT companies, the capital of Karnataka a top destination for young working professionals who don’t have the capacity to rent a single sharing accommodation near their offices. Considering this factor, Bangalore seemed like the ideal place for Colive to begin its journey" The Colive CEO quotes

Colive - Business Model and How it works

Colive has a full stack business model and it provides its services directly to the end users. Colive takes buildings on long term contract from builders and franchise. The buildings are transformed into branded and serviced co-living spaces and then rented out to customers.

Colive - Revenue Model

Colive has two sources of revenue-

  • Fixed rentals- Under this model, Colive makes an agreement with property owners to pay them a fixed sum. The amount of earning over and above this fixed sum is Colive’s revenue.
  • Property management fee-  Under this model, the revenue earned from rent is shared between the property owner and Colive in a predetermined ratio. This ratio may vary from city to city.

Colive - Funding and Investors

Colive has raised total  funding of $12 Million in 3 rounds. Here are the Colive funding details -

Funding Date Stage Amount Investor
September 2016 Seed $1Million Angel Investors
February 2018 Seed $1.8Million Ncubate Capital Partners
April 2019 Series A $9.2Million Salarpuria Sattva Group

Colive plans to utilize the funding to ramp up their operations and expand their footprint in India.

Colive - Advisors and Mentors

Colive is being mentored by Bijay Agarwal, MD SalarpuriaSattva Group.

Colive - Startup Challenges

According to Suresh, as the concept of co-living is new in India, Colive had a tough time convincing the stakeholders, who were skeptical about the success of the concept.

Speaking about the challenges that the team initially faced, Suresh Rangarajan K said, "Acquiring the first 1,000 beds was tedious but once that was done, we could pace up while scaling to 10,000 beds. The initial months, in particular, were difficult for us. However, we stuck to our original plan and got well acquainted with our primary target group – the millennials. And, it was only a matter of time before our extensive efforts started showing positive results"

Colive - Competitors

For Colive, competition ranges from a PG operator to the global player that provides rental accommodation. Top competitors of Colive are, Your Own ROOM, Stay Abode, Zolo, CoHo, NestAway, NoBroker, Grabhouse, Square Plums, SimplyGuest, Comfy Stays, OYO Living, Stanza Living, Quickr Homes and FF21.

Style, safety, services, social, smart and savings – These are the 6 factors that differentiate Colive from its rivals. From finding the perfect accommodation to having immediate access to amenities and availing services; everything at Colive is accessible at the touch of a button through Colive's website and app.

Colive - Growth

  • Colive is managing 25000+ beds.
  • The area under management for Colive  is over 4 Million Square feet.
  • Currently operating in 3 cities, Bangalore, Chennai & Hyderabad.
  • Has AUM of Rs 20 Billion.
  • Colive has around 85% occupancy rate.
  • In 2018, Colive generated a revenue of Rs 11 Crore.

Colive - Awards

Suresh was conferred the prestigious Udyog Rattan award and WCRC. Ernst & Young also awarded him  as the “Trend Setter in Real Estate”. Besides, some other awards and recognition received by Colive are -

  • Rated among the ‘5 Indian Start-ups that helped millennials to go smarter in 2020’ -  by Asian Age
  • Rated among the ‘5 most popular apps among millennials’ - by Hans India
  • 'Transforming the rental industry with the buy-to-let model' – says Deccan Herald
  • 'A Platform that can make everyday life efficient for the tech savvy’ – says Deccan Chronicle
  • Colive App among the ‘Mobile apps that are hot with Millennials’ –  says The Financial Express
  • Ranked among the ‘From teen to adulthood these 5 Apps will become your saviour’ – by T3F5

Colive - Future Plans

Colive has launches lined up in Hyderabad, Pune and Mumbai. It aims to scale up from the current count of 25,000 beds to 1 lakh beds till 2021. Colive is also planning to expand its presence to 25 university towns.

Colive Website

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About Chayanika Goswami

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