M&A

M&A

Rentals startup Zolostays sells student housing biz to Good Host Spaces for Rs.108-Cr

Entrackr   Zolostays  

Bengaluru-based co-living and home rental startup Zolostays has sold its student housing business to Mumbai-based student housing operator Good Host Spaces . The transaction is to be completed on a slump sale basis, valued at INR 107.8 crore (about USD 12.5 million).Of the proceeds, INR 97.02 crore (90%) is to be paid in cash, while the remaining INR 10.78 crore will be settled through debentures.Good Host Spaces currently operates out of three campuses: Shoolini University in Solan, Himachal Pradesh; OP Jindal University in Sonepat and Manipal University, Jaipur.Founded in 2015, Zolostays offers long-term rental accommodations to students, professionals and organizations. It claims presence across 10 cities.

Between Aug 2015 and Jan 2023, Zolo had attracted about USD 114 M from Nexus Venture Partners, InnoVen Capital, FJ Labs, IDFC Alternatives, Mirae Asset Global Investments,RAAY Global Investments, Trifecta Capital, InvestCorp Group, Lighthouse Canton, MEMG Family Office and others.For FY24, Zolo had reported about INR 204 Cr in Operating Income and about INR 57 Cr in Net Loss.