Originally appeared in Economic Times on 21st October 2015.
Home rental management startup Zenify.in has secured Rs 4.15 crore in angel funding to expand its operations.
Bengaluru-based Zenify provides end-to-end services to tenants with an option to directly book properties online, which are exclusively available with the platform, along with verification and agreement signing.
People aware of the deal said funds came from angel investors including MSC Srikanth and M Bharath from education technology firm K12 Techno Service, Atul Jalan, founder of IT analytics firm Manthan Systems, and Anant Pandit of Gana Yantrika Systems.
“We are planning to expand our services to the top nine cities in the next 8-12 months,” said Sudarshan Purohit, co-founder and chief executive of Zenify, which provides services only in Bengaluru. The company will use the funds to enhance its technology and analytic capabilities as well.
Zenify, founded in 2012 by Purohit, Ankur Agarwal and Kailash Rathi, is looking at closing another round of funding soon. “We are in talks with investors and would be closing Series A funding in the next two months,” Purohit said.
According to the 2011 Census data, 6.5 million homes were put out on rent in the top nine cities of the country, with the total rental transactions per year estimated at $15 billion (around Rs 97,500 crore). The company at present has 1,500 apartments listed exclusively on its platform.
“We are growing at 70% quarter-on-quarter and aspire to manage properties worth Rs 1.5 lakh crore in the next five years,” Purohit said.
In the last two years, a clutch of startups including Grabhouse.com, NoBroker.com and Nestaway have started working in the home rental space, offering services to simplify the renting process for both home owners and tenants.
Grabhouse, a community-based online exchange for finding rented accommodation, had raised $2.5 million (around Rs 15 crore) in series A funding from Kalaari Capital and Sequoia Capital in January this year, while online peer-to-peer home rental portal NoBroker raised $3 million (Rs 18 crore) in Series A round of funding led by SAIF Partners and Fulcrum Ventures in February. Nestaway raised Rs 76 crore ($12 million) from Flipkart and Tiger Global this July.
Other portals like Housing.com, CommonFloor.com, 99acres.com, MagicBricks.com, too have home renting as one of their business verticals.
To book your Zenify home, go here!