Akhil Sikri, cofounder of the coliving startup Zolostays, has left the startup to pursue a new entrepreneurial venture, the specifics of which remain undisclosed.
As per his LinkedIn profile, Sikri transitioned out of his active role at Zolostays in March, although he appears to retain his position on the company’s board of directors. His LinkedIn now lists him as the cofounder of an upcoming, unnamed project.
Launched in 2015 by Akhil Sikri, Isha Choudhry, Nikhil Sikri and Sneha Choudhry, Zolostays offers affordable paying-guest accommodations, service apartments and independent flats to students and working professionals via its AI-powered app.
Since its inception, the startup has raised a total of $98 Mn in funding from the likes of Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital and others.
According to Tofler, the startup reported INR 42.5 Cr in operating revenue in FY22, a minimal rise from INR 41.18 Cr in FY21. The company, though, managed to bring down its losses considerably. It reported a loss of INR 69 Cr in FY22, compared to INR 90 Cr in FY21.
Zolostays finds its competition in entities such as Isthara and Stanza Living, among others.
The hospitality industry faced significant setbacks during the pandemic, with challenges intensifying due to the subsequent funding freeze. Yet, there are signs of gradual recovery on the horizon.
Last year, Isthara secured $10 Mn last year to increase its bed count and double it to 50,000 beds in coliving and student accommodation segments by 2025.
Meanwhile, Stanza Living reported a 1.8X jump in its consolidated net loss to INR 417.4 Cr in FY22. However, its revenue from operations jumped 2.9X to INR 115.08 Cr from INR 39.77 Cr in FY21.
A similar trend was noticed in the core hospitality sector also. OYO posted a loss of INR 333 Cr during Q2 FY23. However, it came down nearly 20% from INR 414 Cr in Q1 FY23. The hospitality major also reported a loss in the first half of FY23 but trimmed it by 22.2% to INR 747.1 Cr against INR 959.8 Cr during the corresponding period last fiscal year.
The development was first reported by ET.
The post Akhil Sikri Steps Down As Zolostays Cofounder To Launch New Venture appeared first on Inc42 Media.
