Bangalore-based home aggregator and rental management startup Zenify has raised $900K in Pre-Series A round of funding from High Networth Individuals (HNI).
Zenify was founded in 2012 by three IIT Madras graduates Sudarshan Purohit, Ankur Agarwal, and Kailash Rath. The company leverages its technology, analytics and design to provide assured rentals and in-depth property management services. Its ZRP (Zenify Rental Price) feature provides fixed rental price for each property that is available for rent based on its localities and demands, enabling standardisation for home rentals.
With the newly raised capital, Zenify plans to further expand its range of services in India and strengthen its team to compliment their capabilities.
Related Article: Home Rental Startup NestAway Acquires Rival Zenify
Sudarshan Purohit, co-founder and CEO of Zenify said, “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 Bn for managed home rentals with 4 Mn 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.”
The startup currently lists over 1700 properties available for rent across Bangalore. It 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.
Zenify had earlier raised angel funding from Atul Jalan and Gana Yantrika Systems in 2015. The startup competes with other home rental startups like Ratan Tata backed Nestaway, Homigo and Zocalo among others.
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