Zolostays cofounder Akhil Sikri departs to venture into fintech, ET RealEstate

October 4, 2023

<p> File Photo</p>
File Photo

Akhil Sikri, cofounder of Zolostays, has left the company to embark on a new entrepreneurial journey in the realm of fintech, which is yet to be announced. He officially stepped down from the role on March 31, 2023.

Akhil has updated his LinkedIn profile, designating himself a cofounder of a yet-to-be-announced venture. Zolostays has communicated this development to its investors, the Bengaluru-based company said.

Zolostays is a co-living and student-housing platform, providing paying guests (PGs), serviced apartments and independent flats. It has a user-friendly mobile app and uses artificial intelligence (AI) to make it personalised.

Between 2021 and 2022, the company saw a marginal increase of less than 1% in its operational revenue, reaching Rs 4.48 crore. However, Zolostays managed to trim its losses by nearly 25% in FY22, bringing them down to Rs 67.5 crore from Rs 89.9 crore the year before, primarily by implementing cost-cutting measures.

“Our revenue has seen notable growth due to several factors. First, our occupancy rates have risen, indicating increased demand for our services. Additionally, we’ve gained greater pricing flexibility as customers are willing to pay for our premium accomodation with excellent facilities. Lastly, our focus on securing prime locations with proximity to various multinational corporations has contributed to the success of our premium properties,” the company added.

The development was first reported by online media platform YourStory.

Founded in 2015, Zolostays has raised a total funding of $98 million and is presently in the process of securing a Series-D funding. It became profitable in April 2023 and is backed by Nexus Venture Partners and Investcorp. It plans to achieve Rs 500 crore in revenue by FY24.

Zolostays is aiming for an initial public offering (IPO) in the coming 18 to 24 months, the company said.

“Zolostays is currently undergoing a strategic shift towards positioning itself as a premium accommodation provider in order to bolster its revenue,” the company said. It plans to extend its student housing and hotel businesses to Dubai, Indonesia, and Thailand. It is aiming to finalise this expansion by March 2024.

  • Published On Oct 4, 2023 at 08:41 PM IST

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Abhay Singh

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