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Home rental marketplace ZiffyHomes raises angel funding

Home rental marketplace ZiffyHomes raises angel funding
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Home rental marketplace ZiffyHomes has raised Rs 2 crore ($313,503) from a group of angel investors led by Bikky Khosla, chief executive of business-to-business portal Trade India and Anirudh Agarwal, managing director of diversified business conglomerate Shree Sharda Group. The two investors will join the startup’s board, a company statement said.

Others who participated in the round include Ajay Kaul, CEO of Jubilant FoodWorks; Karan Kumar, founder and CEO of Dubai-based investment firm Amalthea Capital, and Mini Monesh, managing director of wellness and spa chain Virgo Wellness, the statement added.

The Gurgaon-based company plans to utilise the capital to expand its infrastructure by building studio apartments, which would cater to a niche segment of executive class accommodation.

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Founded in May 2015 by Sanchal Ranjan and Saurabh Kumar, Ziffy Technologies Private Limited lets its users rent or let out homes entirely online without brokerage. It offers ready-to-move-in individual rooms to tenants for long stays without any maintenance worry, the convenience of online rent payment, and the freedom to move across ZiffyHomes’ other homes.

“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,” Ranjan, CEO of ZiffyHomes, said in the statement.

Prior to setting up ZiffyHomes, Ranjan worked with consulting firms KPMG and Deloitte. An IIT-Kanpur alumnus, Kumar previously served as assistant vice president of investment banking at SBI Capital Markets.

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The company is currently present only in Delhi-NCR and is looking to expand to other cities. For homeowners, the company provides a platform to connect with verified tenants and help them earn higher house rental round the year in addition to a trouble-free home rental management solution. It uses an analytics-based algorithm to generate area heat maps providing demand forecast and rentals of prevailing areas for users.

“India has recently developed a growing appetite for rental housing. However, there’s 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,” said investor Agarwal.

The company competes with Bengaluru-based NestAway, which has been funded by investment firm Tiger Global, Ratan Tata and IDG Ventures, and has raised more than $45 million so far. Amarendra Sahu, Smruti Parida, Deepak Dhar, and Jitendra Jagadev founded it in January 2015.

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