Zenify, a home aggregator and rental management start-up based in Bengaluru has raised pre-series A funding of Rs 6 crore from High Networth Individuals (HNI), who have a minor stake in Zenify.
The company will use the raised funds to further expand their range of services in India and strengthen its team to compliment their capabilities.
The company had earlier raised Rs 4 crore in angel funding from Srikanth and Bharath from K12 Techno Service Pvt. Ltd & Atul Jalan, Founder & CEO of Mathan Software Service Pvt Ltd. Today, it has a total funding of Rs 10 crore.
The platform provides owners and tenants a hassle free system to find and rent an apartment. The company aims to standardise the market rental pricing by predicting the market value of each property listed on their portal.
Purohit says, “This is an exciting moment for us. Over the past few months we have been concentrating on developing new services to ease pain points of rentals in India. Today, India has an untapped market of 4.5 billion for Managed Home Rentals with 4 million unattended NRI properties. We strongly believe that the real estate industry has a lot of potential for change and growth and the impending years will bring about the required changes, the industry so greatly needs.”
He further adds, “We have already witnessed a major shift in consumer behaviour. Over 90 per cent of the rental property booking is being done online through Zenify. We hope to take our product to other tenants and owners across India and help solve the rental problems.”
The company foresees scaling its business across the major cities of the country in less than two years and becoming a prominent player in the rental segment.
This Bangalore-based leading technology startup – which offers easy rental solutions to property owners and tenants – was established in the year 2012.
Initially called as Realtykart.com, it was co-founded by Sudarshan Purohit, Ankur Agarwal and Kailash Rathi – three graduates of IIT-Madras.
Fresh out of college, the trio were comfortably placed in high paying jobs. Having had a history of family business back in their hometowns, they had a strong urge to start their own business.
They had ideas, they were willing to take risks and they had an undying entrepreneurial spirit. They decided to take the plunge.
After having experimented with numerous business models, the three entrepreneurs started Zenify.in. Their intention was to create a niche model for house rentals which is beneficial for both tenants and owners.
From finding a tenant to managing a property to providing assured rentals, Zenify is redefining the way property rentals are managed in Bangalore.
The site currently has 1,200 registered apartments and over 22,000 registered users.
With a unique online and offline offering, Zenify is the only company in India which provides assured rentals and in depth property management services thereby making the entire process of renting in and renting out a truly ‘Zenful’ experience.
Once a property is registered with Zenify, the owner gets an assured rental for the agreed time period. If the tenant discontinues the agreement, Zenify continues to pay the rent even when the flat is vacant. Zenify also takes care of all maintenance related responsibilities and tenant complaints that arise during the agreed period.
A tenant registered on Zenify gets a broker free experience with standardized pricing and agreement terms. Zenify has a dedicated team of maintenance personnel who offer quick fixes to all the maintenance issues that a tenant faces.