India’s tech-enabled rental brokerage company, FastFox.com has raised Rs. 30 crore from Lightspeed India Partners, Blume Ventures, CyberAgent Ventures and others, in Series A financing. The company plans to invest the funds to improve its technology solution, perfect its service delivery model and expand the team across engineering, sales and operations. GrowX ventures and IMJ Investment Partners also participated in the round.
Based out of Gurgaon, Fastfox was started by Pallav Pandey and Mukul Bhati in Nov 2014, had earlier raised Rs. 6 Crore in 2015 in Seed round also led by LightSpeed India Partners. Before FastFox.com, Pallav Pandey, an IIT Kanpur Alumnus, also founded Sequoia funded Knowlarity Communications, a cloud based telephony solutions provider. Mukul Bhati, Co-founder & CTO, is from IIT Guwahati and had previously played lead tech roles in companies like PayU, Knowlarity, and UrbanTouch.
“Pallav and his team have shown us that there is a large market in rentals that suffers from India-specific problems such as information scarcity, information asymmetry, trust deficits and small local networks, all of which can be solved through the power of the Internet and a tech-enabled approach like Fastfox.com.” said Dev Khare, Partner at Lightspeed India Partners Advisors.
“In India, 27% of urban families (approx. 20 Million) live on rent and spend a whopping $32 billion on rent. Yet popular websites are full of fake listings and they leave the home seeker to be serviced by local brokers. In contrast, FastFox.com handholds the customer in the entire journey from online discovery of options to field visits to negotiation with landlord and subsequent paper-work,” said Pandey, Co-Founder and CEO. “FastFox.com is one-stop shop for anyone looking to rent a home”, he added.
FastFox.com, which also owns BroEx – Indian information exchange for real estate brokers; used by 100,000+ brokers across the country, leverages network of brokers to procure updated information on rental homes in near real time.
FastFox.com is an O2O rental brokerage company based out of Gurgaon. It has more than 2,500 home listings available for renting immediately. All these properties have verified photographs of the house, and the locality around. They also give other details like whether the property is available for Bachelors or not or if the landlord is ok with pets. FastFox.com also professionally assists the customer through the search experience in arranging home visits and helping through owner negotiations. Overall the idea is to make the home search experience for the customer transparent & predictable from online search to home visits to move-in paperwork. It charges customers for successful closure.