Gurgaon-based fully furnished home rental service startup Fella Homes raised a seed funding of $2 Mn from unnamed investors.
Fella Homes was founded in 2015 by five friends, of which four were batchmates from IIT Roorkee, including Virender Pratap Singh, Yadwinder Paul Singh, Digendra Singh Rathore, Kunal Singh & Amit Gupta. The startup is described as a branded network of ready to move rental homes for working professionals in metro cities. It provides fully equipped homes with standardized furniture, appliances and kitchenware, rented on per bed / per room basis.
It aims at solving the problem of quality assurance, trust deficit and inconvenience that user faces while taking a home on rent. It also provides last mile order fulfilment along with online / mobile discovery.
The startup is currently operational in Gurgaon and Noida with 75+ homes and 400+ tenants. By the end of 2016, Fella Homes is planning to launch its operations in Bangalore, Pune and Hyderabad, with a target of 5000+ tenants.
Fella Homes plans to utilise the newly raised capital in acquiring new properties and tenants, team building and product development. The startup recently acquired Noida-based LifePad Homes, in the same domain, in an all cash deal. After the acquisition, LifePad Homes is renamed as Fella Homes and is being managed under the same banner.
The startup operates in the domain which has a market size of around $20 Bn. It competes with players like Nestaway, FlatFurnish, NoBroker and more.
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