Home rental management startup Zenify raises $1 million from HNIs
BENGALURU: Bengaluru-based home rental management startup Zenify has raised $1million in a pre-series A funding from high networth individuals (HNIs), who have a minor stake in the company.
“The company will use the funds to enhance its technology and analytic capabilities, along with entering new markets such as Mumbai and Delhi,” CEO Sudarshan Purohit told ETRealty.
Zenify is Zenify is also in talks with venture funds to raise around $5 million to fund its expansion plans. Purohit did not share the stake the HNIs held in his company.
“Many HNIs who had built bigger organisations are now willingly sharing their wealth with startups, a culture that took shape in the US. We are evaluating best funding option as they we have received many queries from investors,” he said.
This is the second round of fundraising by Zenify. Last year, the company had raised Rs 4.15 crore in angel funding from a group of investors, including MSC Srikanth and M Bharath from K12 Techno Service Pvt Ltd and Atul Jalan, founder of Mathan Software Service Pvt Ltd.
The company , which has seen 100% growth year-onyear, plans to manage properties worth Rs 1.5 lakh crore in the next five years. It manages 2,000 rental properties in Bengaluru, 40% of which belong tonon-residentIndians (NRIs).