Cove Names Ashish Manchharam Advisor Shifts Asset Acquisition Model
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Cove, a Singapore-based flexible living platform, has recently announced the appointment of real estate and hospitality expert Ashish Manchharam as a member of its board of directors. Manchharam, who has a strong track record in the industry, brings a wealth of experience to the table.
Having founded and led 8M Real Estate for over a decade, Manchharam has successfully built a portfolio worth $1.5 billion. After exiting the company in 2023, he went on to establish Elevate Capital in early 2024, which focuses on making strategic investments in lifestyle-driven real estate ventures.
In his new role at Cove, Manchharam will provide valuable guidance and support in the company’s efforts to acquire flexible living assets through partnerships with third-party investors such as real estate funds, institutional investors, and family offices. This move aligns with the company’s plan to accelerate its growth through an asset acquisition model, in addition to its existing role as a branded flexible living operator and online listing platform for professionals and students.
Since its inception in 2018, Cove has grown its portfolio to over 6,000 rooms in Singapore and Indonesia. Looking ahead, the company plans to expand its reach to other parts of the Asia Pacific region. In early 2021, Cove ventured into South Korea, with plans to launch 800 rooms, and Japan, where it intends to offer 400 rooms through partnerships with local joint venture partners.
To support its regional expansion efforts and maintain its leadership position in existing markets, Cove recently closed an additional funding round, raising US$4.5 million. Manchharam joined the round alongside existing investors such as Eurazeo and Keppel, who had previously taken a strategic minority stake in Cove in December 2020.
According to Guillaume Catagne, Cove’s CEO and co-founder, the company experienced significant growth in its portfolio and achieved positive EBITDA in 2024. With the aim of doubling its portfolio to 15,000 units by the end of 2025, Cove is set to continue its upward trajectory under Manchharam’s strategic guidance.