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Mint
an hour ago
- Mint
Zolostays' first investor Nexus Venture to check out after a decade
MUMBAI : Ten years after placing its early bet on Zolostays, Nexus Venture Partners is preparing to exit the co-living firm, according to three people in the know. The startup, now valued at about ₹1,500–1,600 crore, has trimmed its non-core operations and is courting new investors, as it looks to scale in the competitive premium co-living space. 'Nexus has initiated talks with several VC (venture capital) funds and some strategics. It is looking to sell its entire 27% stake," one of the persons cited above said. The Bengaluru-based startup, which has raised about $113 million so far from a clutch of investors through debt and equity, has been struggling to grow beyond its core markets. The company had recently sold its student housing business that manages accommodation for colleges and universities to Good Host Spaces for $12.5 million. Zolostays said this sale was a part of the strategy to focus on its core business of managing co-living spaces. At that time, the company had said that the proceeds from the sale will allow it to concentrate on its main business activities, improve cash flow, strengthen overall financial health, and bring higher operational efficiencies. As per data available with Tracxn, Zolostays' fundraising includes a $56 million Series C round led by Investcorp and Mirae Asset. The company had also raised about $30 million in 2019 from investors led by IDFC Alternatives, Mirae Asset and Nexus Venture. Nexus VP has been one of Zolostays' biggest backers, having invested in the company since 2015. 'Nexus has stayed its course in the company and is now looking to sell," said the second person familiar with the development. When contacted, a Zolostays spokesperson denied there was any deal imminent. A Nexus Venture spokesperson did not respond to emailed queries. Founded in 2015 by Nikhil Sikri, Akhil Sikri and Sneha Choudhry, Zolostays had started out with a $1 million funding from Nexus Venture. Akhil Sikri left the company in 2023, and is now the chief technology officer at Apsona, a SaaS firm. A third person in the know pegged the company's valuation at ₹1,500-1,600 crore. Zolostays provides premium co-living spaces to students, professionals and organizations, and it operates in more than 10 cities. As per Entrackr, Zolostays recorded an 11.4% year-on-year (y-o-y) growth in revenue to ₹204.4 crore during FY24, while its losses narrowed by 17.4% to ₹57 crore. The company is yet to detail its financials for the last fiscal. According to a Nasscom blog published in May, the demand for co-living spaces and stock for 2025 are estimated at 6.6 million and 0.3 million beds, respectively. Penetration for the sector is likely to improve from 5% in 2025 to over 10% by 2030, it said. 'India's co-living market is on an upward growth trajectory, with demand rebounding strongly in recent years and operators gearing up for expansion across Tier-I cities and select Tier-II cities," the blog said. "The resurgence of the sector is being fueled by rapid urbanization and migration to cities, especially amongst students and young professionals who continue to seek flexible, relatively affordable, community-driven, and hassle-free housing options," it said.
India.com
an hour ago
- India.com
Good news for Anil Ambani as Reliance Group plans to invest massive Rs 18000 crore in...., plan is to...
Anil Ambani (File) Good news for Anil Ambani: In a significant update for Anil Ambani, Anil Ambani's Reliance Group has charted a massive Rs 18,000 cr growth path with a focus on defence, power and clean energy sectors to chart the next phase of growth that will train resources on innovation and value creation, it said on Sunday. At a time when financial crime-fighting agency, Enforcement Directorate concluded searches at locations linked to the group as part of an investigation into alleged money laundering and siphoning of public funds, over 100 top leaders from its two listed firms — Reliance Infrastructure and Reliance Power — convened in Mumbai on Sunday to reaffirm their commitment to its ambitious growth roadmap. 'After the unanimous approval by the Board of Directors of Reliance Infrastructure and Reliance Power, just a week ago by both boards to raise Rs 18,000 crore by way of equity and debt to fund growth across defence and aerospace and renewable energy sectors, the meeting reflected unity of purpose, renewed vigour and a shared resolve to deliver long-term value for stakeholders,' the group said in a press statement. The two listed firms in separate statements earlier in the day stated that the action by ED has concluded and that the company and its officials have fully cooperated with the authority. 'Action by ED has no impact on business operations, financial performance, shareholders, employees, or any other stakeholders of the company,' they said. In the statement on the leadership meeting, the group said its two listed companies — Reliance Infrastructure and Reliance Power — are 'nearly debt-free, have net worths of Rs 14,883 crore and Rs 16,431 crore, respectively, and have 50 lakh public shareholders, one of India's largest shareholder family.' The leadership meet, it said, spotlighted high-growth verticals driving the group's future strategy. Reliance Infrastructure's focus will be on defence and aerospace, which includes plans to manufacture Falcon 2000 business executive jets in India for global markets in partnership with Dassault Aviation of France, strategic partnership with US-based Coastal Mechanics to establish MRO and overhaul hub in Maharashtra, partnership with defence manufacturer Rheinmetall AG of Germany, and strengthening strategic partnership with Diehl Defence of Germany for guided munition/terminally guided munition (TGM). (With inputs from agencies)
Time of India
an hour ago
- Time of India
Supertech homebuyers seek CJI, PM intervention to let NBCC complete projects
Homebuyers of 16 stalled housing projects by Supertech have written to Chief Justice of India B R Gavai and Prime Minister Narendra Modi, seeking their intervention to hand over these projects to state-owned NBCC instead of NCR-based Apex Group. The homebuyers called for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal (NCLAT) order in December 2024, directing that all these projects be entrusted to NBCC (India) Ltd for time-bound completion. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Digital Marketing MBA Cybersecurity Project Management healthcare Healthcare CXO Data Science Product Management Public Policy others Design Thinking Degree Finance PGDM Data Science Technology MCA Others Artificial Intelligence Data Analytics Management Leadership Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The stay was based on a proposal Apex Group submitted to the Supreme Court to revive the projects. 'After enduring over a decade of financial loss, mental trauma, and shattered dreams, we now face the imminent threat of being handed over once again to a private entity — Apex Heights Pvt Ltd — whose proposal and compliance affidavit submitted to the SC is fundamentally flawed, financially unviable, ethically questionable, and devastating for homebuyers,' they said in the letter. The 16 stuck projects of Supertech comprise 50,962 homes, of which 39,870 are sold and 11,092 remain unsold. Of the sold homes, 24,871 have been handed over to buyers, while 14,999 are yet to be delivered. Live Events An investment of Rs 1,700 crore is required to complete the sold homes, while receivables from these units are estimated at Rs 2,200 crore. 'NBCC has delivered large-scale, complex stalled housing projects such as Amrapali. It has the technical expertise, government backing, operational credibility, and most importantly — the trust of homebuyers,' said Mujeebur Rahman, a homebuyer. The buyers have also demanded the disqualification of Apex from the resolution process and the complete removal of Supertech promoters from it. 'We have requested the Supreme Court that no further interlocutory applications (IA) be entertained at this advanced stage of the proceedings. It has already been 15 long years, and more than 50,000 homebuyers are still waiting for their homes, having suffered immense financial and mental distress,' Rahman said. Homebuyers have alleged that Supertech is attempting to block NBCC's onboarding by pushing the Apex proposal. Supertech, however, said once the Supreme Court approves the resolution plan submitted by Apex Heights, it will pave the way for all stakeholders to complete the 16 projects, with deliveries to homebuyers starting within three months and being completed in the next 24 months, in addition to repayment to financial institutions and land authorities as agreed in the plan. 'Since the de-linking of the Doon Square Project in reverse insolvency, the handover of units has been done by Ametek, the codeveloper in the project, well before the time stipulated. NCLAT had directed delivery in 12 months, whereas 100% handover of units to homebuyers has been successfully completed in nine months,' Supertech said in a statement. Apex Group has agreed to clear Rs 678 crore of dues to five banks and around Rs 1,900 crore to Noida, Greater Noida, and Yamuna authorities. In the initial phase, the company has committed to invest Rs 500 crore, with plans to deliver the flats within two years of taking over. Economic Times WhatsApp channel )
