Zenify looks to raise Rs 33 crore to fund expansion
BENGALURU: Residential rental management startup Zenify.in is in the process of raising $ 5 million (about Rs 33 crore) to fund expansion plans.
“We are in talks with venture capital companies to raise the money and will complete the process over the next one month,” the Bengaluru-based company’s CEO Sudarshan Purohit told ET. The company will use the funds to enhance its technology and analytic capabilities, along with entering new markets such as Mumbai and Delhi, he said.
This will be the second round of fundraising by Zenify.in. Last year, the company had raised Rs 4.15 crore in angel funding. In this round, the group of investors include MSC Srikanth and M Bharath from K12 Techno Service Pvt Ltd, and Atul Jalan, founder of Mathan Software Service Pvt Ltd.
Purohit said, “We have also seen ahuge growth over the last few quarters and seen 100% growth in our business year-on-year. We plan to manage properties worth Rs 1.5 lakh crore in the next five years.” A fixed price portal that allows users to directly book at the given price, Zenify currently manages 2,000 rental properties in Bengaluru, with 40% belonging to nonresident Indians.
The 2011 census pegged the rental property market across top nine cities in the country at $15 billion, with a total of 65 lakh properties.
Founded in 2012 by Purohit, Ankur Agarwal and Kailash Rathi, Zenify leverages technology, analytics and design to deliver a simplified rental experience to property owners and tenants. The platform provides tenants with an option to directly book a property online as the property is exclusively available with Zenify.
“The current rental scenario is very bad, posing a lot of problems for rental and tenant seekers,” said Purohit. Zenify last year made a series of senior-level appointments, adding experienced industry executives to further the brand’s positioning, including its operations.
Source : ETRealty