Zolostays, a co-living company, has grown fivefold over the last two fiscal years, with sales rising from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed company managed its losses throughout this time. Zolostays' operating revenue doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, according to its consolidated financial statement obtained from the Registrar of Companies (ROC).
If we speak of the company, it offers co-living spaces for students, professionals, and organizations. Residential accommodations and facilities, including service fees and accommodation costs, generated 93% of total operating revenue. This income increased 3.4 times to Rs 191 crore in FY24, from Rs 55 crore in FY23.
Zolostays also provides college and university residential facility management services, as well as food subscriptions and other amenities. Revenue from this category fell 72% to Rs 10.4 crore in FY24. The company generated Rs 4.6 crore in interest income, increasing its total revenue to Rs 209 crore in FY24.
On the cost front, property management and operating expenses accounted for the majority of overall costs (52%). Food, rent, power, housekeeping, and consumables expenses grew by 2.3 times to Rs 139 crore in FY24, up from Rs 60.5 crore in FY23.
Employee benefit expenses rose by 16% to Rs 83 million in FY24. Legal, advertising, communication, commission, and other overheads increased the overall cost by 58% to Rs 266 crore in FY24, from Rs 168 crore in FY23.
Zolostays' two-fold growth and cost control resulted in a 17.4% reduction in losses to Rs 57 crore in FY24, down from Rs 69 crore in FY23. Its ROCE and EBITDA margins were -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based company declared current assets of Rs 76 crore, which included Rs 34 crore in cash and bank balance.
Zolo has raised $118 million in investment to date. According to a credible source, the largest external stakeholder is Nexus Ventures, with 34%, followed by Investcrop and Mirae Asset.
