Chennai, 22 June 2023: Truliv, a Chennai-based Co-Living and Holiday Homes startup, successfully raised a pre-seed round of $1.5 million Growth fund from various investors led by Conquest Global Ventures VCC, Vara Future LLP, and others. This is the first Chennai-based Coliving startup to raise a seed round. Blue Koi Advisors acted as investment bankers and promoter advisors for this transaction.
Coliving is an alternate real estate offering that offers high-quality, well-located shared rental accommodation. This is driven by Millennials who want convenience & ease of living. Coliving is convenient as it provides a desirable house at affordable costs and a much-needed community living experience. As corporate India moves to a hybrid work style, the young workforce will always seek options and better living spaces that allow WFH to run smoothly. Coliving demand is set to grow 10x within the next decade and is expected to double by 2024 from current levels as per the latest Colliers reference. The Coliving model is set to solve the affordable housing problems at least for the young workforce who can find plug & play accommodation.
Speaking on this occasion, Mr. Rohit Reddy Co-Founder, Truliv said, “Truliv intends to utilize these funds for the growth of its Co-Living, and Holiday Homes business verticals. The company targets to reach 7000 Coliving beds in Chennai, by 2025, which is a 3X increase from its current capacity, and to 36 Holiday Homes across Tamil Nadu by 2025 which is a 5X increase from its current capacity. Our scale-up plan for Coliving and Holiday Homes is backed by the demand we see in this space. Coliving has immense potential since it is flexible, convenient, and social. Truliv will en vigor to be at the forefront of India’s growth story by providing alternative and convenient solutions for the future”.
Incorporated in 2019, TrulIv is a subsidiary of DRA created for the purpose of redefining alternate real estate class. Truliv provides housing and community solutions for all demographic populations of India right from millennials to retired people. The Covid pandemic disrupted lives and forced people to make alternative plans for their housing driven more by an urge to stay within proximity of their workplaces. Post-pandemic, shared housing models like Coliving have seen increased demand and acceptance, especially from the millennials.