Chennai's co-living startup Truliv raises $1.5M in a pre-seed round

Chennai-based Co-living and Holiday Homes startup Truliv has raised $1.5 million in a pre-seed funding round led by Conquest Global Ventures VCC, Vara Future LLP, and others at a valuation of Rs 60 crore.

Coliving is an attractive real estate concept that offers shared rental accommodations in well-located and high-quality properties. It is particularly popular among Millennials who seek convenient and hassle-free living arrangements. Coliving provides desirable housing options at affordable prices, along with a sense of community living.

As more companies adopt hybrid work styles, the demand for coliving spaces is expected to grow exponentially, with estimates suggesting a 10x increase within the next decade. According to Colliers, the demand for coliving is projected to double by 2024 from current levels.

Founded in 2019 by Rohit Reddy and Ranjeeth Rathod, Truliv said it aims to redefine alternate real estate offerings. The startup caters to a wide range of demographic populations, from millennials to retired individuals. 

The startup also operates Holiday Homes, which serve as getaways for small families and groups. Located near the scenic beaches of ECR, these homes provide a serene environment with lush greenery and breathtaking views. 

Speaking on the funding, Rohit Reddy, Co-founder of Truliv said, “Truliv intends to utilise 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 threefold increase from its current capacity, and to 36 Holiday Homes across Tamil Nadu by 2025 which is a fivefold 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.”

According to a report by Colliers International, the coliving space currently comprises over 50 operators, generating an expected yield of 7 to 9 percent. The organized segment of the industry offers approximately 210,000 beds, with monthly rental prices ranging from Rs 8,000 to 14,000. The market value of organized players in the coliving sector stands at around Rs 25,000 crores, with the sector attracting over $900 million in private equity investments.

The demand for coliving is driven by various factors, including evolving workforce trends, inefficiencies in the unorganized housing sector, urban migration, and an increasing student population. Currently, organized coliving is predominantly concentrated in metro and tier 1 cities in India, but expansion into tier 2 cities is being observed. According to the Colliers report, the occupancy rate for 210,000 coliving beds during Q4 of 2021 stood at 70 percent.

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