Indian online home rental market in which some key players like 99acres, NestAway, Magicbricks, Quick, etc are operating has recently seen a funding raised by online house renting platform ZiffyHomes. The platform ZiffyHomes which is operational in Ghaziabad, Noida, and Gurugram has raised funding of Rs.2 crore from a clutch of angel investors.
The lead investors in the funding round are Bikky Khosla, CEO of TradeIndiaand Anirudh Agarwal, MD of Shree Sharda Group. As a part of the deal, both the investors will become the part of startups board. Other angel investors like Ajay Kaul, Karan Kumar, and Mini Monesh also took part in the round.
Agarwal said, India has recently developed a growing appetite for rental housing. However, theres a big gap between supply and demand largely due to a trust discrepancy that many landlords face. The company is plugging the efficiency, trust and knowledge loophole.
In 2015, the company ZiffyHomes was founded by Sanchal Ranjan and Saurabh Kumar. The startup helps to provide a platform where customers can easily rent a house or a room without paying any brokerage. The startup revealed in the statement that they plan to use the raised funding to expand their infrastructural network by building studio apartments.
Rajan said, Combining technology with on-the-ground operations is our USP, bringing trust to the table. With these funds, we plan to foray into the studio apartments segment which would further cater to a niche section of executive class accommodation.
In 2017, home rental startup NestAway has secured Rs.330 crore funding from Ratan Tata backed UC-RNT Fund. The companys existing partners Tiger Global and IDG Ventures also took part in the round.
Last year another startup named FastFox working in this space has also raised Rs.30 crore funding in a Series A round led by Lightspeed India Partners, Blume Ventures and CyberAgent Ventures.