There are 3 Lakh single migrants in Bangalore drawing a salary of above INR 25,000 pm. However, there is a significant trust deficit between home owners and single tenants. Single tenants in cities struggle with locations, privacy, quality & security of living spaces and lack of flexibility in deposits and terms of rentals.

As a solution to the above problem, YourOwnROOM -- a Bangalore based startup lease the property from the owner, rent out the individual bedrooms with common shared living and dining areas to singles and manage their rental payments and maintenance issues.

Instead of bargaining with property dealers and hanging around to lookout for vacant room for singles, people can browse rooms and flats online from their own bedroom anytime. YourOwnROOM offers brokerage free online managed room rentals to urban singles. As a new entrant in online managed rentals space, YourOwnROOM is trying to dent this segment through a perfect marketplace model all along giving rental assurance to the house owners. It is offering a plethora of services especially for those who are looking for temporary but ideal living spaces in new cities during different stages of their life.

Modernizing the Traditional Home Renting Process



YourOwnROOM is one of the fastest growing online managed home rental platform committed to deliver better services and solutions to both home owners and tenants. It is backed by a robust technology platform and revolutionizing the way by which room rentals are managed across the country. It aims to be the most trusted brand in this particular space and offering end to end management of the rental process to homeowners and tenants alike. The startup has launched by Prabhat Kumar Tiwary (CEO and Founder) and Sachin Joshi, (Chief Sales & Product Officer and Co-Founder) in Feb 2016 to bridge the gap between tenants and home owners. Prabhat says, "We see ourselves as the right solution to every tenant who is looking to carve a special accommodation for him or her in a new city. We are also helping every home owner who is looking for quality profile tenants as well as continual premium rent."

Knowing the people behind this Idea



Prabhat Kumar Tiwary -- CEO and Founder
He is a Sloan Fellow with a Master degree in Business Management from Stanford Business School. He has over 20 years of global experience in software product development, IT application services and Digital Technologies etc. He spent the initial part of his career working for Ness, ARI, Wipro and ALIT. He has also worked in senior leadership positions managing P&L and organizations of up to $100 M at Xchanging, MphasiS, Zensar & HP. He also holds a Bachelor’s degree in Computer Engineering from Birla Institute of Technology, Ranchi.

Sachin Joshi -- Chief Product Officer and Co-Founder
He has 16 years of experience working for large Technology organizations like EDS, MphasiS and Cognizant. He has experience in building Enterprise Platforms and Products with deep expertise in SaaS, Social Media, Social Analytics, Business Analytics, Mobility and Digital Payments.

All set to hit the competition


Prabhat and Sachin consider Nestaway, Homigo, Square Plums and CoHo homes its closest and biggest competitors. Grabhouse, Zenify and Fella homes are few other competitor to an extent. They realized well that there are multiple players across the segment but very rare who facilitate support together to both occupants and house owners. Sachin Joshi Chief Product Officer and Co-Founder, YourOwnROOM says, "Our primary differentiator is the fact that while most players only facilitate listing and bringing together the owners and tenants on a common platform, the end to end managed business model we offer to both owners and tenants is unique. Both owners and tenants, we believe require a certain amount of hand-holding and this is what we offer." He further adds, "We understand the huge demand that exists among urban singles for quality living. If in the past, the primary considerations in choosing a living space was the cost, to the upwardly mobile discerning urban single today, the quality of life has taken precedence over the cost factor. Location and quality of the living spaces are prized above all since, in cities today; these two factors determine the difference between a fulfilling life and a mundane rat race like existence. Tiwary boasts, "Other players in this field, we believe, do not stress on the location and quality of the living spaces they offer. Besides, the flexibility of lease terms we offer and amount of deposit we asks remains unmatched."

Milestones



Within a year of its launch, the startup has experienced fast growth in past 6-7 months as it has INR 60 Lakhs revenue for the year, and expected to cross 1 Crore soon. Presently it is having 100 + happy customers in Bangalore and expanding fast in Pune and NCR area. Tiwary adds, "So far, we have more than 50 attractive hand-picked properties in convenient locations all over Bangalore with having 100 + happy customers. We are expecting 1CR revenue for the year.” He confirms, “A fully functional robust technology platform with an app to be launched soon."

Future Plans


To this point YourOwnROOM is fully operational in Bangalore and Pune and expanding gradually into Delhi and NCR area. The startup targets to establish 250 tenants in first year in Bangalore & Pune. In second year it is planning to add 1,000 more tenants in same cities. Afterward, in third year it is targeting to add 4,000 tenants in Mumbai & NCR. Next to this, the company is planning to penetrate into Chennai, Hyderabad and other Tier II cities to add more number of lodgers and house owners in its network.

Top Image - Team of YourOwnROOM (Credits - YourOwnRoom@Facebook)

1 Comments

Mayank said…
I think this is the market any new housing rental portal should focus on. As the founders rightly mentioned, startups like Nestaway, Homigo, Square Plums and CoHo have also realised this. Traditional websites like Magicbricks, Hosuing, 99acres etc. have failed to help tenants find house hassle free. Most of the listing on these portals are broker listed which eventually leads to visiting brokers offices. Co-living is the way to go for in this market!
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