The startup will utilise the funds to expand its operations across Mumbai, and invest further in building the technology.
Ayush Agrawal, co-founder, Azuro said “Multi-home owners, especially NRIs, today rely on their relatives back home to take care of the property and because of these hassles, many end up keeping their properties unused. These properties only serve the purpose of capital appreciation, leading to more than 5 Lakh vacant properties as per 2011 census in Mumbai alone.”
Mumbai-based Azuro is a residential real estate management company. It was founded in 2015 by five IIT Bombay alumni Ayush Agrawal, Altaf Ahmad, Sudhanshu Mishra, Vishal Chauthmal, and Sushant Kumar.
Azuro finds tenants, takes care of maintenance and tenant issues, does periodic inspections, furnishes as required, and even provides house insurance.
Rohit Chokhani, Principal Founder, White Unicorn Ventures opined: “With RERA being a law, professional asset management companies will play a key role in the growing residential rental business. The Indian real estate market is expected to touch $180 Bn by 2020. The housing sector alone contributes 5-6% to the country’s Gross Domestic Product (GDP). It will be indeed a good benefit for all. And hence, we felt that making an investment in Azuro was the right choice.”
Azuro has been rapidly building a property portfolio in suburban Mumbai and is growing across geographies swiftly.
According to an official statement, White Unicorn Ventures has planned to invest around $20 Mn in early-stage startups this year. The company also aims to spend up to $5 Mn by the end of 2016. White Unicorn has invested in 15 companies so far including Routofy, Shaadisaga, Justride, Unstockify, Hostelhousing, Lerner, and Carcrew among others.
In May 2016, it launched its incubation co-working space called ‘Unigrowth Centre’. This is an All Suite Private, where offices can accommodate approximately six companies with a workforce of four to 10 people per company.