Gurugram-based home rental marketplace ZiffyHomes has raised Rs 2 crore in its seed funding round from angel investors including Bikky Khosla (CEO at TradeIndia.com) and Anirudh Agarwal, Managing Director at Shree Sharda Group.
Following the investment, the duo will join the company board of directors.
Incorporated in May 2015, ZiffyHomes is the brainchild of Saurabh Sinha, Sanchal Ranjan, and Salil Agarwal. It is an online discovery platform for rental accommodation, which offers ready to move-in individual rooms to tenants for long stays without any maintenance worry, the convenience of online rent payment and freedom to move across the brand’s homes.
The startup offers a suite of services such as dedicated relationship managers, app-based service requests and real-time online transactions for booking house on rent.
The enterprise uses an analytics-based algorithm to generate area heat maps providing demand forecast and rentals of prevailing areas.
With a presence in Delhi-NCR, ZiffyHomes plans to provide services across all major cities in the country, and the angel round will help the company to expand its operations.
A quick look at online home rental space
Some industry reports roughly estimate that the organised home rental market in India is worth over $10 billion across top 10 cities. The market is slated to grow by 10-15 per cent every year until 2020.
Unlike last decade, youngsters are increasingly open and willing to relocate due to factors like higher education and better job opportunities among others.
At present, there are several players including YourOwnRoom, Simplyguest, Zocalo and Fella Homes operational in the space. However, Bengaluru-based Nestaway has been outnumbering other players when it comes to scale, growth as well as funding.
Nestaway had registered a massive growth of 533 per cent in terms of revenue and reached to Rs 36.51 crore in FY17 from 5.76 crore in the previous fiscal. So far, the company has amassed over $83 million in total risk capital.