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.