Stay Abode raises undisclosed amount in angel round

MUMBAI: Stay Abode, which builds co-living spaces, has raised an undisclosed amount in an angel round from a consortium of investors led by Ishan Manaktala, COO of CoreOne Technologies; and Angie Mahtaney, CEO at K Mohan Exports.

Gaurav Bhalotia, Ex-VP Engineering at Flipkart; Vishal Lulla, CEO, Vishal Exports; and a group of investors from Lets-Venture also participated in the round.

Stay Abode works on a full-inventory model leasing the spaces for a 5-10 year period offering services including housekeeping, security and community events apart from housing facilities. Stay Abode will use the funds to expand to other cities including Pune, Mumbai and Delhi.

The company charges between Rs 12,500/bed and Rs 35,000 for a one-BHK apartment. With an average rental value of over Rs 14,000, Stay Abode claims to be functioning at a 98% occupancy level.

Viral Chhajer, cofounder of the firm is not perturbed by the recent turmoil in the space including the shut down of Stayzilla. “The need of the hour is to build a capital efficient businesss. Our rentals are pre-paid and so we are a cash rich business,” he says.