Gurgaon-based home rental startup FastFox has raised Rs 10 crore from Lightspeed, Blume Ventures and others in a Series A1 round. One of its co-founders Pallav Pandey has also contributed Rs 1.93 crore in the fresh round.
In 2016, FastFox had raised Rs 30 crore from the same investors in a Series A round. Previously, in July 2015, it raised Rs 6 crore from Lightspeed Ventures.
Incepted in November 2014 by Pallav Pandey and Mukul Bhati, FastFox is an online-to-offline (O2O) brokerage firm that works in partnership with other brokers to list residential properties online for rental purposes.
The platform claims to have more than 2,500 home listings available for rent. It also plans to expand its services in other Indian cities as well.
The company also claimed that brokerage is the only source of income, so it charges customers a commission after a successful deal. The firm doesn’t deal in houses rent below Rs 15,000.
Entrackr queries to FastFox regarding the development did not elicit any response till the publication of the report.
FastFox’s parent company Oku Tech, owns BroEx, is an application-based information exchange platform that helps brokers find other trusted brokers with complimentary requirements and inventory so that deals can be closed faster, and customers can be served better.
FastFox competes with QuikrHomes, Housing.com, and MagicBricks, amongst others.
According to KPMG report, the market size of residential rental and resale brokerage in top 20 cities in India is a whopping $ 12 billion and is estimated to grow to $17 billion in next 5 years.
Real estate’s contribution to the gross domestic product (GDP) of the country is expected to be 13 per cent by 2028. In absolute terms, the size of the sector is expected to touch $853 billion by that year.
Each year, 10 million people move to cities, which is pushing up demand for rented and new homes. Residential rental brokerage amount globally is $200 billion per annum, the report added.
The funding development was first reported by Paper.vc