Zenify, a residential rental management startup has raised an undisclosed amount of sum in an angel round from Atul Jalan and Gana Yantirka Systems. With the newly raised funds, the company is now looking to scale up its operations, enhance its technology and analytic capabilities.
The online rental market is growing at a fast pace but it needs solution that takes care of the owner’s and the tenant’s requirements and make it easy to manage property. Zenify aims to do that.
Founded in 2012 by Sudarshan Purohit, Ankur Agarwal and Kailash Rathi, Zenify manages the entire life cycle of a rental agreement. It uses its technology, analytics and design to provide an assured rentals and property management services.
The company was originally founded in 2009 as RelocateEasily. Then it re-branded itself as RealtyKart in 2011 and now it has been re-branded as Zenify.
The owner of a property leases it out to Zenify, when then rents it to a tenant and manages the entire process, including locating a tenant, managing the property, assuring rent to its owners.
The company claims to have managed over 1,500 residential properties in Bangalore. It also says that it fetches monthly rentals starting from Rs 15,000 to Rs 45,000.
Going forward, the company aspires to manage properties worth Rs 1,00,000 Cr in five years. It is also planning to take entire process of rental management online. The company claims to have a proprietary analytical model to determine rent of each flat.
According to Atul Jalan, CEO & MD, Manthan Systems, the current rental market is of approximately $20 Billion in India’s urban cities. He says,
There is a growing demand for organised property management services in metros. Zenify, with its dynamic ideas and unique offering is catering to this demand to a great extent. The company has the potential to scale up higher and reach out to a wider audience.
Sudarshan Purohit, co-founder and CEO of Zenify, said,
We are an analytics driven company and the support from Atul and Anant, stalwarts in the field of analytics, will help us scale up as we target to cover all metros in three to five years. Everything from searching property and signing agreement is done online.
There are several rental based startup in India which have raised funding. NoBroker.com, an online peer-to-peer rental portal has raised $3 million in Series A round while Bangalore-based FlatChat has raised about $2.5 million seed funding.
NewstAway, also works on model similar to that of Zenify. But, it’s platform is youth-focused. It had raised $1.3 Million round from IDG Ventures and advertising platform InMobi’s Naveen Tewari.