Akhil Sikri, one of the co-founders of Zolostays, left the company to start a new business in the fintech sector. He resigned from his position on March 31, 2023.
Akhil has updated his LinkedIn profile, where he now identifies himself as a co-founder of a yet-to-be-announced venture. Zolostays has informed its investors about this development, as stated by the Bengaluru-based company.
Zolostays is a platform for co-living and student housing, offering a variety of accommodation options, such as paying guests (PGs), serviced apartments, and independent flats. The company provides a user-friendly mobile app and employs artificial intelligence (AI) to personalize the experience for its users.
Between 2021 and 2022, the company experienced a slight uptick of less than 1% in its operational revenue, reaching Rs 44.8 crore. Nonetheless, Zolostays was able to reduce its losses by almost 25% in FY22, lowering them to Rs 67.5 crore from Rs 89.9 crore in the previous year, mainly through 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 accommodation 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.
Established in 2015, Zolostays has secured a total of $98 million in funding and is currently working on securing Series-D funding. The company achieved profitability in April 2023 and was backed by Nexus Venture Partners and Investcorp. Zolostays has set a revenue target of Rs 500 crore by FY24.
Furthermore, Zolostays has expressed its plans to pursue an initial public offering (IPO) within the next 18 to 24 months.
“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 finalize this expansion by March 2024.
