Bain Capital and longtime partner Sattva Group led a $20 million strategic funding round for co-living startup Colive.
The money raised will support Colive’s expansion through improved technological infrastructure, increased market share, and strengthened market position in India’s tech-enabled rental housing sector.
This investment is a component of a broader collaborative effort: Colive is the cornerstone manager of a $100 million co-living real estate platform that Bain Capital and Sattva Group have launched throughout India. In major cities, the platform will concentrate on delivering purpose-built rental homes, building flagship co-living communities, and purchasing land.
Over the next three years, the project hopes to increase the number of co-living beds from the current level to 50,000. Under this master plan, the average size of each property will be approximately 300,000 square feet, with an emphasis on executive rentals. The deal states that Bain Capital, a private equity firm, and Bengaluru-based Sattva Group, an equal joint venture partner in Colive, will jointly own the platform, with the latter holding the majority stake.
Nearly 0.5 million square feet of land have been secured in Bengaluru and Pune so far by the PropCo-backed platform. With plans to expand further in Bengaluru, Pune, and Hyderabad, eight to ten flagship projects are anticipated to be completed soon.
