Looking to raise $10 million, expand in co-living market: Tribe Stays

More than 20,000 new student and working professionals’ housing beds are needed in cities like Pune and Tribe Stays says it plans to raise around $10 million to fund its expansion plans in cities like this one.

Since the pandemic, we’ve raised around $1.5 million in private equity and structured debt, and we’re planning to raise around $10 million in the same manner. Pune, Bengaluru, Delhi NCR, and other cities are on the expansion list, according to Tribe co-founder Shantam Mehra.

Mehra was speaking at the launch of Tribe’s new student accommodation facility in Wakad, with the company also planning to significantly expand its presence in the co-living space, tailored for working professionals, with Tribe aiming to start a co-living facility in Baner over the next year. Co-living, according to the company, is also becoming an investment opportunity, similar to real estate investment trusts (REITs).

“Like REITs, co-living has a predictable revenue stream. We’ve reached a point where we’ll lease properties specifically tailored to meet the needs of our clients. Tribe CEO Yogesh Mehra says developers and investors are enthusiastic about the concept because the returns on it are competitive with renting out properties.