Truliv, a groundbreaking co-living and holiday home startup, has secured $1.5 million in pre-seed funding. Led by Conquest Global Ventures VCC and Vara Future LLP, the funding values Truliv at Rs 60 crore. The company aims to redefine real estate by offering innovative housing and community solutions. With plans to expand co-living capacity to 7,000 beds in Chennai and increase holiday homes to 36 properties across Tamil Nadu, Truliv is poised for remarkable growth. The demand for shared living spaces continues to rise, driven by workforce trends, urban migration, and a growing student population.
Truliv, an avant-garde startup revolutionizing co-living and holiday homes, has triumphantly secured a pre-seed funding round of $1.5 million. Conquest Global Ventures VCC, Vara Future LLP, and other visionary investors have spearheaded the company, resulting in a post-money valuation of approximately Rs 60 crore. Formed in 2019 by the visionary duo of Rohit Reddy and Ranjeeth Rathod, Truliv, a subsidiary of DRA, seeks to redefine the boundaries of real estate by providing innovative housing and community solutions for diverse demographic groups. Millennials, in their quest for comfort and convenience, have embraced co-living as a burgeoning trend. It offers high-quality, shared rental accommodations in prime locations.
Truliv's impressive portfolio encompasses not only exceptional co-living spaces but also a collection of delightful holiday homes nestled along the picturesque ECR (East Coast Road) in Chennai. Moreover, the company is actively forging strategic alliances with corporate clients, providing bespoke accommodations for business travellers, and rejuvenating corporate retreats. The recently secured funds will serve as a catalyst for Truliv's transformative growth in the co-living and holiday home domains. With ambitious aspirations, the company aims to expand its co-living capacity in Chennai to an astonishing 7,000 beds by 2025, effectively tripling its current capacity. Simultaneously, Truliv envisions an expansion of its holiday home offerings across Tamil Nadu, establishing a noteworthy presence with a total of 36 captivating properties—a remarkable five-fold increase.
Rohit Reddy, the visionary co-founder of Truliv, exudes unwavering optimism for the future, asserting that their strategic growth plan for co-living and holiday homes stems from the resounding demand they witness in this transformative sector. Co-living harbours immense potential, epitomizing flexibility and convenience and fostering a vibrant social fabric. Truliv remains steadfast in spearheading India's narrative of progress by offering alternative, yet seamless, solutions for tomorrow. Expressing profound gratitude to the visionary investors, Ranjeeth Rathod, the astute co-founder of Truliv, shares his vision by stating that this remarkable funding will propel us closer to our grand vision of nationwide expansion, establishing Truliv as a trailblazer in the dynamic co-living landscape.
According to a report by Colliers International, India's co-living market boasts over 50 visionary operators, projecting an impressive yield range of 7 percent to 9 percent. Within the organized segment, approximately 210,000 beds are available, with monthly rental rates ranging from Rs 8,000 to Rs 14,000 per month. The organized co-living industry's market value stands at a commendable Rs 25,000 crore, having witnessed substantial PE investments exceeding USD 900 million.
Truliv's commitment to delivering quality living experiences at an accessible cost aligns seamlessly with the escalating demand for shared living spaces. This burgeoning demand arises from multiple factors, including dynamic workforce trends, the need to bridge gaps in the unorganized sector, urban migration, and the surging student population. With Truliv's visionary approach, a seamless and enriching living experience is guaranteed, setting new standards in the industry.
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