Colive Partners with Sattva Group, Bain Capital to set up $ 100 million fund to build rental properties

Co-Living Space Provider Colive has set up a USD 100 million platform in collaboration with Bain Capital and Realty Firm Sattva Group to develop rental properties.

In a statement, the company said it formed a partnership with Bain Capital and Sattva Group to set up a Pan-India Co-Living Real Estate Platform with a first obligation of at least USD 100 million.

The platform will acquire land, develop communities and deliver specially built rental properties in the largest urban centers in India.

“As part of the partnership, Colive also collected USD 20 million in strategic financing, led by Bain Capital, with a strong support from long -term partner Sattva Group,” said the statement.

Colive would use USD 20 million for the growth of its company.

The platform, managed by Colive, has completed initial land purchases in Pune and Bengaluru, with almost 0.5 million square meters of coliving spaces in development. It also investigates opportunities in Bangalore, Pune, and Hyderabad.Sattva Group MD Bijnay Agarwal: “At Sattva we have long believed that Co-Living is a critical enabler from India’s Urban Transformation. With Colive in recent years considerably, which has our conviction that this sector has a huge potential.

Although the demand of young professionals for cities is robust, the real challenge lies in creating quality range that corresponds to their ambitions and lifestyle needs, he added.

Colive has 14,000 managed beds and it is planning to expand to 50,000 beds within the next five years.