Founded in 2021, Cozy Stay, a coliving platform is redefining the lives of millennials by endowing a comfortable and relaxing living environment in the heart of the city. Headquartered in Bangalore, Cozy Stay is winning the heart of the young minds with their one-of-a-kind tech-integrated business model.
Cozy Colive Concepts, a fast-growing hospitality chain, announced on Wednesday that its co-living venture, Cozy Stay, plans to open 2000 beds in three Indian cities by the end of 2022.
Making its debut in 2021, Cozy Stay is a fully managed IoT-enabled Coliving space with over 160 beds. The company is currently on a quest to augment its chapters across Chennai and Kochi.
“We have been in the hospitality industry for more than a decade. When we were planning to establish Cozy Stay in 2021, we were looking to harmonize the concepts of Coliving and smart living. And with this new approach, Cozy Stay aspires to revolutionize the face of the hospitality sector,” says Fayis, Cozy Stay’s chief executive officer and founding partner.
Caters to the millennials, young professionals, and nomads, Cozy Stay offers long-term, fully managed IoT integrated living spaces that include furnishings, cleaning, maintenance, and accommodation services.
Cozy Stay has maintained a steady occupancy rate of 90% in such a short time. Even at Covid 19 peak moments, Cozy Stay maintained a 70 percent occupancy rate.
Cozy Stay leases the building, renovates it to Cozy Stay standards, controls end-to-end operations, and manages the millennial community. With starting price of 3000 INR per bed, Cozy Stay is equipped with Wi-Fi connectivity, air conditioning, television, refrigerator, furnishing, décor, housekeeping, power backup, CCTV surveillance, fun zone, and a community for Cozy Stay members.
“Because our workforce is young, we can easily relate to the difficulties that millennials confront. When we created Cozy Stay, our main goal was to provide a solution that caters to the needs of young people,” Fayis continues.
According to senses 2011, the country has over 37 million students, with over 75 percent of them living away from home. However existing hostels can only accommodate 18% to 20% of these foreign students. As a result, co-living housing companies are striving to take advantage of this potential by offering completely furnished, professionally managed, internet-ready accommodation.
“The concept of Cozy Stay was conceived based on customer demands and feedback to offer them a cost-effective solution that would solve the dilemmas associated with long-term rentals, high-security deposits, long lock-in periods, non-transparent payments, and a lack of amenities,” says Fahad, Cozy Stay’s Managing Director, and Founding Partner.
Because coliving is an undeveloped market with tremendous opportunities, the industry has experienced a wave of startups in recent years, with notable examples being Stanza Living, Oyo Life, and Zolo Stays.
In that hive of co-living startups, what makes Cozy Stay the queen bee is the unique features they offer. To incorporate the idea of social distancing, Cozy Stay has transformed their entire application online and completely paperless, through which the residents can effortlessly make their stay even more pleasing. Being an IoT-enabled platform, residents can easily book their stay, virtually tour the property, pay rent, request services, submit KYC, connect with the Cozy Care team, etc.
“Over the last several years, the concept of coliving has given birth to multiple entrepreneurs; nevertheless, students and young professionals have been unable to keep up with the prices of these coliving platforms. So our ultimate goal was to present these customers with a cost-effective solution that did not sacrifice living quality ” Fahad noted.
Taking consideration to the students and young professionals Cozy Stay is pretty reasonable when compared to other coliving PGs in the market. This does not mean there is any compromise in the quality of services given. Each Cozy Stay building is built to be a place that resembles home and they also incorporated this thought into the kind of services and amenities they offer.
The feature that impressed us the most is their Cozy Corp. Cozy Corp is a circle of Cozy Stay, focusing on the corporates who often travel for work. Rather than staying in conventional hotels and inns, corporates can have a splendid and soothing stay at Cozy Stay that too for a reasonable price.