🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr

EntrackrEntrackr · 3m ago
Zolostays sells college accommodation biz to Good Host Spaces for Rs 108 Cr
Medial

In October 2023, Alta Capital is said to have acquired the entire 100% stake held by Goldman Sachs and Warburg Pincus in Good Host Spaces for a reported $320 million. Co-living and home rental startup Zolostays has sold its student housing business, which manages accommodation for colleges and universities, to Good Host Spaces, as part of the firm’s move to focus on its core offerings. The board of Zolo Stays has approved a special resolution to sell the undertaking through a slump sale valued at Rs 107.8 crore (approximately $12.5 million), according to regulatory filings sourced from the Registrar of Companies. Of the total consideration of Rs 107.8 crore, Rs 97.02 crore (90%) will be paid in cash, while the remaining Rs 10.78 crore will be settled through debentures issued by Good Host Spaces to Zolo Stays. Good Host Spaces owns and operates third-party, purpose-built student accommodations located within leading university campuses such as Manipal University, OP Jindal Global University, and Shoolini University. “The sale will enable the company to focus on its core business operations and pursue growth opportunities in those areas. The lump sum consideration will improve the company’s liquidity position and strengthen its balance sheet,” the company added in the filings. Zolostays also raised Rs 20 crore debt by issuing non-convertible debentures to VentureSoul Managers India LLP for business expansion, meeting working capital and others, a separate resolution shows. Zolostays has secured over $110 million in funding to date, including a $56 million Series C round led by Investcorp and Mirae Asset. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder, followed by Investcorp and Mirae Asset. Zolo Stays recorded an 11.4% year-on-year growth in revenue to Rs 204.4 crore during the fiscal year ended March 2024, while its losses narrowed by 17.4% to Rs 57 crore in the same period. The sale is an interesting development in the segment, where Good Host Spaces has stolen a march over competition in more ways than one. From funding to significant tie-ups with fast-expanding University campuses, it has built a strong business that might have convinced existing ZoloStays stakeholders to opt out. The distinct approaches taken by the acquired and the acquirer, in terms of offering independent PG accommodation versus captive campuses, is a good indicator of where the market has shifted, and it should be interesting to see how GHS handles the acquired business now.

4

Related News

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 6m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X

EntrackrEntrackr · 2m ago
Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X
Medial

Miko, a Mumbai-based robotics and AI startup known for its interactive robots for children, continued its growth trajectory in the fiscal year ending March 2024, recording a 58% year-on-year increase in revenue. Miko's revenue from operations increased to Rs 358 crore in FY24, from Rs 226 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription. The company's revenue from product sales (robots) grew 46% to Rs 329 crore in FY24, while income from subscription services of content applications saw an exponential rise — growing 29 times from Rs 1 crore to Rs 29 crore during the same period (FY24). On the expense front, the largest cost center was material cost, which surged 50% to Rs 182 crore. Advertising expenses, which typically reflect brand-building efforts, jumped 79% to Rs 113 crore. Depreciation expenses surged 206% year-on-year to Rs 95 crore in FY24. Employee benefit expenses, however, declined by 23% to Rs 30 crore in the said fiscal year. Overall, the firm’s total expense grew 55% YoY to Rs 505 crore in FY24 from Rs 325 crore in FY23. The company reported a net loss of Rs 120 crore in FY24, up from Rs 108 crore in FY23. Its ROCE and EBITDA margin stood at -85.71% and -8.45%, respectively. On a unit economics basis, Miko spent Rs 1.41 to earn a rupee in FY24. The Mumbai-based firm reported current assets worth Rs 297 crore in FY24 which includes Rs 89 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Miko has raised a total of $76 million till date, having Chiratae Ventures and Yournest as its lead investors. The company's co-founders Sneh Vaswani, Prashant Iyengar and Chintan Raikar together own 19% of the company.

Exclusive: Snack brand Troo Good raises Rs 72 Cr in new round

EntrackrEntrackr · 9m ago
Exclusive: Snack brand Troo Good raises Rs 72 Cr in new round
Medial

Troo Good, a millet-based snack brand, has raised Rs 72 crore (approximately $8.6 million) from Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments. The board at Troo Good has passed a resolution to issue 10,176 equity shares to raise the aforementioned sum, its regulatory filing accessed by Entrackr from Registrar of Companies shows. Existing investor Oaks Asset Management contributed Rs 37 crore, while V Ocean Investments and Puro Wellness invested Rs 10 crore and Rs 25 crore, respectively. The filing also mentioned that the company will use these funds to meet its working capital requirements. The company has raised around Rs 132 crore to date including its Rs 55 crore in a Series A led Oaks Management in November 2021. According to the startup data intelligence platform TheKredible, Troo Good will be valued at Rs 322 crore or $38 million post-allotment. Following the recent funding, Oaks Asset Management will hold a significant 28.89% of the capital, while Puro Wellness and V Ocean Investments will command stakes of 7.75% and 14.28%, respectively. Founded in 2018 by Raju Bhupati, Troo Good is a Hyderabad-based company that sells millet-based snacks, including chikkis, protein bars, and nutri bars. The company claims to sell over 2 million millet chikkis and other millet snacks every day. While the firm has yet to report FY24 numbers, Troo Good recorded a modest 7% growth in revenue, rising to Rs 52.7 crore in the fiscal year ending March 2023. However, effective cost management enabled Troo Good to achieve profitability during the same period. It competes with Slurrp Farm, which raised $7.2 million in January this year, as reported exclusively by Entrackr.

Flipspaces raises Rs 50 Cr from Asiana Fund

EntrackrEntrackr · 27d ago
Flipspaces raises Rs 50 Cr from Asiana Fund
Medial

Flipspaces raises Rs 50 Cr from Asiana Fund Commercial interior design startup Flipspaces has raised Rs 50 crore (around $5.9 million) from Asiana Fund. The round is an extension of a $35 million round raised last month. The fresh capital will be used to scale operations across India, the US, and the UAE, strengthen its proprietary technology platform, and evaluate strategic acquisitions in related sectors. Founded in 2015 by Kunal Sharma, Ankur Muchhal, Vikash Anand, Mrinal Sharma, Prafful Sahu, and Ritesh Ranjan, Flipspaces provides full-stack interior design and execution services for commercial spaces. The company’s tech-enabled offering includes space visualization, project management tools, and product sourcing capabilities. Kunal Sharma, Co-founder and CEO of Flipspaces, said, “Asiana’s decades of experience in building operational scale and customer-first brands will be of immense value to us. Their insights will help our leadership team sharpen strategy and execution.” Flipspaces claims to have delivered over 8 million sq. ft. of commercial spaces for over 1,000 clients globally, including SMBs, large enterprises, co-working spaces, and retail brands. Its proprietary tools enable immersive visualizations and remote project monitoring through 360-degree views, enhancing client experience and operational efficiency. While Flipspaces has yet to file its annual financial report for FY25, the company registered an operating revenue of Rs 190 crore in FY24, a 90% increase from Rs 100 crore in FY23. The company reduced its losses to Rs 8 crore in FY24 from Rs 19 crore in FY23.

Download the medial app to read full posts, comements and news.