Colive partners with Sattva Group, Bain Capital to set up USD 100mn fund to build rental homes

New Delhi, Sep 5 (PTI) Co-living space provider Colive has set up a USD 100 million platform in partnership with Bain Capital and realty firm Sattva Group to develop rental homes.

In a statement, the company said it has formed a partnership with Bain Capital and Sattva Group to establish a pan-India co-living real estate platform with an initial commitment of at least USD 100 million.

The platform will acquire land, develop communities, and deliver purpose-built rental housing across India’s largest urban centres.

"As part of the partnership, Colive also raised USD 20 million in strategic funding, spearheaded by Bain Capital, with strong backing from long-term partner Sattva Group," the statement said.

Colive would use USD 20 million for growth of its business.

The platform, managed by Colive, has completed initial land acquisitions in Pune and Bengaluru, with nearly 0.5 million sq ft of Coliving spaces under development.

It is also exploring opportunities in Bangalore, Pune, and Hyderabad.

Sattva Group MD Bijay Agarwal said, "At Sattva, we have long believed that co-living is a critical enabler of India's urban transformation. We have deepened our partnership with Colive significantly over the last few years, which reflects our conviction that this sector holds immense potential.

While demand from young professionals migrating to cities is robust, the real challenge lies in creating quality supply that matches their aspirations and lifestyle needs, he added.

Colive has 14,000 managed beds and it plans to expand to 50,000 beds within the next five years. PTI MJH MJH MR