SUMMARY

Tribe Stays’ seed funding round was co-led by co-led by Artha Venture Fund and Riverwalk Holdings

The startup plans to use the capital to scale its three managed accommodation sub-brands – Tribe Student Accommodation, Tribe Commune, and Tribe Suites

Tribe Stays currently has 650 beds in Pune and plans to add another 1,000 in the ongoing fiscal year

Coliving startup Tribe Stays has raised $2.8 Mn (about INR 24.8 Cr) in its seed round co-led by Artha Venture Fund and Riverwalk Holdings. The round also saw participation from Kunal Khanna, founder and CEO of Vivaldis, and other family offices. 

In a statement, Tribe Stays said it will use the capital to scale its three managed accommodation sub-brands – Tribe Student AccommodationTribe Student Accommodation Datalabs_in-article-icon (hostels), Tribe Commune (coliving), and Tribe Suites (executive apartments). 

As part of its long-term expansion plan, the startup plans to increase its total bed count to 25,000 across cities such as Hyderabad, Bengaluru, Mumbai, Gurugram, and Pune. 

Founded in 2018 by Yogesh Mehra, Shantam Mehra and Aman Mehra, Tribe Stays currently has 650 beds in Pune and plans to add another 1,000 in the ongoing fiscal year. 

The startup is trying to tap into India’s unorganised student accommodation and hostel space by providing better quality long-stay experiences. Tribe Stays targets guests looking for up to 1 year accommodation. It is looking to cash in on the growing demand for managed accommodation from students, corporates, and professionals. 

Tribe Stays competes with the likes of Your-Space, HooLiv, Colive, among others, in the managed coliving and hostel space in the country. 

After the crash in demand during the Covid-19 pandemic, the student and young professional accommodation space is seeing strong growth now. According to a recent report, India’s affordable coliving space is projected to reach the $2.3 Bn mark by 2030. 

Investors are actively backing startups operating in the segment to capitalise on this opportunity. Last month, Inc42 reported that Stanza Living is planning to raise $32 Mn in a fresh round from Motilal Oswal and Accel. HooLiv and Colive also raised $2.7 Mn and $20 Mn, respectively, in the past few months.

Meanwhile, Bengaluru-based Zolo sold its student accommodation business to Good Host Spaces Management Services via a slump sale to focus on other growth opportunities. 

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