In March 2020, Bengaluru-based co-living startup StayAbode was thriving. It had 96% occupancy across its 2,000 beds nationwide. Monthly revenues had touched Rs 2 crore ($270,000). Unfortunately, that would be as good as it got. The pandemic hit, and StayAbode’s slide backwards was shockingly rapid. 

In two short months, its actual occupancy rate dropped to a dangerously low 15%. A good chunk of rooms were still booked, keeping official occupancy levels high, but the properties resembled ghost towns. And a month later, in June, it was acquired in its entirety by Hello World, the co-living arm of Bengaluru-based rental management platform NestAway. 

AUTHOR

Bhumika Khatri

Bhumika covers e-commerce, consumer internet, and everything startup for The Ken in Delhi. In her previous stint at Inc42, she spent two and a half years writing about a breadth of startups and topics. A commerce graduate, Bhumika completed her postgraduate in journalism from the Indian Institute of Journalism and New Media, Bengaluru. You can reach her at [email protected]

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